Sterling / Yen has been unable to hold above the averages. Price has broken through the trend line support and through the averages. Price has gone on to make a new low.
Chart below.
I am looking to enter a short position when price retraces to the over lapping resistance level of the trend line, the moving average and the Fibonacci level.
Entry levels and chart below.
Entry: 125.65
Stop: 126.10
Target: 123.40 (5%)
I will update if and when the trade is triggered.
Regards
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