GBPJPY Long on the 60 Minute Chart

FX:GBPJPY   British Pound / Japanese Yen
The pullback we're seeing is the result of a Bearish Gartley Pattern (although D didn't close right on the .618). We're right below the 0.5 and were also above the 50 Day SMA and approaching a crossover of the 200. There's some resistance at the .618 so if we can get a close above it, I'd wait for that resistance-turned-support to be tested and then get in after it proves to actually be support (I anticipate the support will be tested based on RSI ).

BUY @ 187.62
SELL @ 187.37 (SL)
SELL @ 188.72 (TP)
Risk: 25 Pips
Reward: 110 Pips

There's some JPY news in 4.5 hours but I don't expect it to change things.

Don't forget to move your stop loss to break-even at some point!
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