EvanJones
Long

GBP - Sentiment is not good, but a retracement is on!

FX:GBPJPY   British Pound/Japanese Yen
104 1 2
GBPJPY             took a bit of a hammering towards the end of last week due to some disapointing econmic data and I feel that this will weight on other GBP pairs. However the Yen (JPY) is weak and this instrument is oversold shown by the Stochastic indicator. A nice chanel has formed on the top and I feel a bounce aroud the lower trendline for a mid way retracement is due. I'm long with stopsunder the lower trend line , I will split my trades to take profit at the half way move and then move my stoploss up to the mid point if it continues tomake another Higher high.
Note: my landing page for future releases and exciting trading oppurtunities which is due to be released next year! http://www.ejfxtrading.com
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