GBP/JPY was a wonderful trade. we smashed target 1 and target 2. unfortunately GBP PMI(PURCHASE MANAGER INDEX) measures the activity level of purchasing managers in the services sector. Came out positive making the sentiment more bullish on gbp. thats why i recommend moving your stop loss in profit and using risk management
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Top down analysis WEEKLY TIMEFRAME So from the weekly timeframe we see quite a downward trend , price action forming lower highs, and lower lows. price action is perfectly consolidating around the 61.8% .There is a possibility for price to retrace all the way 148.800 for a complete retest of the weekly.
DAILY TIMEFRAME we can see a potential change in trend in lower timeframe coinciding with the weekly complete retest so we could see a potential short 136.000 before long to 148.800 we have confluence due to consolidation and fake out of the range . giving us more confirmation for potential down turn to target 1=141.200 target 2=140.800