Our lovely cross GBP/JPY just gave us a very nice long term sell signal which is just waiting for confirmation right now, from the chart below “weekly chart” we could detect two types of sell signals:
1- A hang man weekly candle was formed on 20 - 24 July, 2008 .
2- Trend line breakout we was expecting last week and has already done this week.
The third signal would be a moving averages cross-over we are waiting for.
From the daily chart we suggest to take a sell position from the current price area “under 210.65″ with a small amount as it may try to go up trying to test the broken trend again, there we can go add more short positions, our first target would be 206.60 - 207.00, second target would be 204.60 and the last target would be 198.15 - 201.50 area and i recommend 199.60 which was a good support for it always, our stop loss would be above 213.50
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