GBPJPY: Possible retracement?

Early to short, late to long scenario. Bearish pinbar spotted at the top of the supply zone. Possible pullback to the trendline before the next bullish move higher.

This short setup has a low probability but a high RRR. It may be better to wait at the sidelines for a long position setup. Trade at your own risk.

GBPJPY Short
Entry is valid as long as price is below 141.80

SL: 142.30
TP: 138.90

Comentário:

We hit the stop loss for this pair a couple of days ago after being in profit of about 100 pips (due to too tight a stop loss) but price is still battling at this level.

Should the bears win, we will see a fall towards the 138.90 level.

It is still too early to short but you may give this trade another go.

The low probability holds but the RRR is still good.