GBPJPY Trade Setup & Forecast for the week 10th Feb, 2014

GBPJPY Trade Setup & Forecast for the week 10th Feb, 2014

Weekly Chart

Daily Chart

Hourly Chart

Outlook Trade opportunity

Our Long trade setup from last week was successful with gains up to 400 pips. My bias however we should continue the bearish momentum for one more low before any continuation to the upside.
Therefore my Short trade setup would be at the 127.2 ext of last weeks range and which also is around the 61.8 retrace from the leg down (from 23rd Jan)

Risk is high because if you look at the weekly chart, last weeks candle is a strong pin bar

Risk Level HIGH -

Tips -

Always take note of any economical news event on our provided calender below