Possible GBP/JPY Short Position (What Do You Think?)

[Yervano]

So having in mind that GBP/JPY is in a down trend
After tapping into the daily support 2 days ago, we had a nice strong bullish movement which is possibly just a retracement on the higher timeframe reaching to a resistance level & the top of a descending channel

As you can see in the image, price is moving within the boundaries of the descending channel making LH (lower highs) & LL (lower lows)
We are also reaching a strong S&R (Support/Resistance) zone

What to expect? (Remember: The trend is your friend )
Waiting for a sell confirmation soon
As long as price rejects the S&R zone and the upper boundary of the channel
We might have a nice sell opportunity with a nice RRR (Risk Reward Ratio)
Preferably after a candle closes a strong bearish (Ex: Engulfing)

[Kathlyn_Pollich]

According to the market context, GBPJPY pair will continue the down trend. Many beautiful trends are going to be followed here.

[Yervano]

Here comes the opportunity for GBP/JPY sell!
As you can see in the chart, we rejected the upper bound of the descending trendline
We also rejected the support & resistance (S&R) area at 152.000 which is considered a psychological level
The major trend is also bearish, so what to do?
RIDE THE TREND!
I set a SELL STOP below the low of the previous candle
Entry: 151.450
SL: 152.200
TP: 148.500
Risking 2% on my demo account

[Yervano]

Update: Got stopped out. Lost 2% as planned