GBPJPY analysis - very,very obedient....

chart h1 - 12 pm Malaysia

Price is rejected by fibo 50% level and a engulfing bearish candle has formed. Usually a strong indication of trend continuation. Initial stop-loss is placed at 131.00. Will move the stop-loss to +1 once reached +30 profit.

First target is yesterday low (128.82)
Second target is 127.38 (fibo 138.2% level)
Last target is 126.49 (fibo 161.8%)
1.30 pm - stopped out at -73
will stay out now
and wait for another set up


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