GBPJPY Forming down channel after a break of the up channel
On the daily there are some interesting things happening;
What counts against the trade is the EMA50 was broken with a serious bull candle but the 0.618 Fib level is being respected.
Pro's
There is a clear up channel break and it is text book trading on the Weekly candles.
Set SL at 147.500 and there is a lot of protection; 2 Major Fib levels and the down channel that formed trend line.
With a profit to risk ratio of just over 2 this is a go......
Cons
The EMA50 (D) might hold......
Things to remember
This is a setup making use of W and D candles so it might take some time to play out; patience will be key!!!