Ever since the DXY on the 1 hour chart had broken the 200 SMA, I've been trading short JPY. As expected, GBP/JPY has fallen, and now the expected retrace is happening.
I expect price to rise to 185.00 and then for JPY to continue its march forward.
NOTES: - JPY strengthening - USD weakening - Whole Number (185) - Approaching 200 SMA - Previous area of support.
Good luck from the land downunder.
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PRZ was correct....
For now, I'm selling the low's and patiently waiting for price to retrace before buying again.