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Hi traders-
I wanted to share one of the setups from my watch list for this week.
I am looking to short the GBPJPY at 160.11 where the 38.2 fib lines up nicely with a previous support level.
My target will probably be 159.50s and a stop loss would go above 160.42.
I am taking and managing this trade from the 15M chart.
Update: Price has broken support. We need to adjust the fibs. But still a good level to short for 40-50 pips.