If the tight range of the candles over the past four trading sessions are any indication, accumulation might be forming on GBPJPY
. Given that we've traced from the early May highs, we see a bullish
checkmate/accumulation pattern in progress, and are just below the 50 SMA
in a clear uptrend, I put on a buy order to go long at 169.96 with my stop at 169.16. I'll move to breakeven at a close at or above 171.64. My long-term target profit is going to be at resistance near 192, though I might take half off somewhere between 172 and 174 if reversal signs emerge.