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GBPJPY short setup


Hi traders-
I wanted to share one of the setups from my watch list for this week.
I am looking to short the GBPJPY at 160.11 where the 38.2 fib lines up nicely with a previous support level.
My target will probably be 159.50s and a stop loss would go above 160.42.
I am taking and managing this trade from the 15M chart.
Update: Price has broken support. We need to adjust the fibs. But still a good level to short for 40-50 pips.
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The Fence

First trading day of the new month. I'm sitting on the fence pondering whether to go long the usd and hence bet on a continuation of current trend...
For now I'm just observing.
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