FX:GBPJPY   British Pound/Japanese Yen
431 0 21
THE BIG PICTURE: This pair has been trading between an important long term down trend line and also a major 50% fib level. For the time being the bears and bulls are battling it out and creating a triangle formation in the process. There is a chance that this pair could retrace back toward the 61% level before climbing higher. The anticipation is that the fib levels hold and ultimately the downward trend line is violated. Once that happens it is off to the races where long term targets stretch above the 150 level.
TECHNICAL STANDPOINT: Continue to anticipate a move to the upside as long as the fib levels hold. This will add confidence to the bullish sentiment and will provide the energy needed to rally above the trendline . The low at 124 is a fair distance away, but this is where position management comes into play. There is no reason to over-leverage the position and swing for the fences.
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