ForceFollower
Short

GBPJPY D1: At The Upper MLH

FX:GBPJPY   British Pound / Japanese Yen
79 2 4
If this pair fails to close above the upper MLH, I'd expect a move a down. A declining MLH, coupled with the horizontal resistance from the range to the left may be a strong enough force to start a more pronounced correction to the downside.
I'm still long, and added to longs on retrace as well.
I think there's a fair chance that it breaks up in a day or two.
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ForceFollower IvanLabrie
Thanks, Ivan, for the feedback. You're right, it's been a nice rally since the beginning of October, so a long position is duly justified. However, in my opinion, it seems to be ripe for a correction now, as if to somewhat match the decline we saw at the end of September. Not as big as it was back then, but big enough to be marked as a pullback, ie. at least to 184.6.
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