Hello traders welcome back to another trading week as we have a light data day today. It is now 4 hours into the London session and I could not find a decent set up till about 20 minutes ago and this GBPJPY looks very nice for a NY trade. Ok let us take a look, you can see at current price we are at a resistance line on the chart. What I like about this is this is a retrace and the bulls look like they are becoming weak in there power to continue as we have two doji candles and looks like we can see a continuation of the down trend for the NY open or just before, remember there is no data today to effect our trading. You can see our Fibonacci has been placed and we are just looking for a pullback that has happened so really if we get a bearish candle formation we have the Ok to enter this trade short.The issue is what is left of the chart traders always look left of the chart and see what is going on. With this trade after we get below 175.52 price level you can see we have a wide open space and a clear run down to our 161.8 Fibonacci take profit zone. Thanks traders and Talk Soon….. William
