FX:GBPJPY   British Pound / Japanese Yen
We previously opened positions on GJ and are still holding but profits locked. Price has rejected the 38 (and I have confidence in a drop from here mainly, not solely, because of the adverse results retails sales. Also, (as a Fibbo tip) when price has so much momentum, it is MOST LIKELY to retrace only to the 38. My second position's risk will be covered by profits on the previous entry. So, generally I have risk free trades on both positions.

This is not financial advise. Forex is a risky business. Trade at your own risk. Remember to exercise proper risk management, and have the patience to watch your trades play out.

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