GBPJPY - Daily - Somehow I doubt the Pound strength.
This is a great pair to trade.
If you managed to "guess" the direction, then it provides you with an awesome ride either up or down.
At the moment, it looks like it would need to recover for a bit and bounce to the upside. Maybe so... But looking at the price action, I believe that there is still some potential to the downside. I think I will be able to evaluate this better, once it re-tests that big trend line again. And I believe that this could happen.
I think this area, where it is ranging right now, is quite tricky and soon the pair will show us its direction.
For now, i am SHORT. But let's wait and see what happens.
As always, keep an eye on the price action!
If you managed to "guess" the direction, then it provides you with an awesome ride either up or down.
At the moment, it looks like it would need to recover for a bit and bounce to the upside. Maybe so... But looking at the price action, I believe that there is still some potential to the downside. I think I will be able to evaluate this better, once it re-tests that big trend line again. And I believe that this could happen.
I think this area, where it is ranging right now, is quite tricky and soon the pair will show us its direction.
For now, i am SHORT. But let's wait and see what happens.
As always, keep an eye on the price action!