GBP/JPY: On The Edge of A Cliff

Hello fellow traders. Here is a swing trade idea for all regarding the GBP/JPY. Sorry for the lack of posts from myself recently, but our trading room keeps me fairly busy. Anyway, this one may trigger this eve or within the next day.  See this chart of the Pound yen and you can see critical daily support is at 138.25. Should this break (as did the pound last week when critical daily broke… we went down very big), I believe we shall see a rather large downdraft of a few hundred more pips toward the fib zone right near 136.00  Keep an eye on this one should the support break.  Even better, would be to get short way before that. a Spike up first, followed by a wide range 15 minutes sell bar would be IDEAL.  Should this happen I will be “loading the boat”.  I also believe that we could see quite a move on the EUR/Yen as well, this one will most likely also do the “pause that refreshes” to the downside. Specially if Wednesday becomes a stock market meltdown which I and many in our trading room are calling for. Till next time happy trading and for Gods sake please use stops!  Michael Storm (aka Robinhood).

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