GBPJPY Short based on Weekly Highs
GJ has tested the previous Week's high and we can see the multiple rejections around that level. Moreover, if we use the Fib retracement from the previous Daily Bearish Order Block (Credits to @I_Am_ICT), price is testing the Optimal Trade Entry region.
In terms of fundamentals, UK is facing growing number of COVID cases, weakening the currency and indicating further downside potential. When it comes to the profit target, I am not comfortable keeping trades over night and so I settled with a 60 pips TP and a 20 pips SL.
In terms of fundamentals, UK is facing growing number of COVID cases, weakening the currency and indicating further downside potential. When it comes to the profit target, I am not comfortable keeping trades over night and so I settled with a 60 pips TP and a 20 pips SL.