Bears have been relentlessly selling off GBPJPY breaking significant support levels. In fact, all JPY pairs are down signifying a flight to safety mode by traders and investors. This could be classified as a black swan event – US Financial Crisis 2023?
I wasn’t able to take any short positions. I am waiting for a good retrace to get in. By marking the last bearish leg with a high of 163 and low of 160, 50% retrace would be 161.50 level to short. 61.8% is 161.90 so I’d be placing a stop loss at about 162.10.
I’m not particularly sure if this trade idea would even take place in the last session. Otherwise, there’s always tomorrow to wait for.