GBPJPY: Price Action Short, When Will The Bulls Give In?

FX:GBPJPY   British Pound / Japanese Yen
I don't place trades off of the daily timeframes but I do watch them on a consistent basis as part of my top-down analysis and GBPJPY             has been one that has been in some what of a fight as of late.

After easily rallying up into structure it's come to a halt and it looks as if the bulls may be running out of steam. Just look at the wicks, they're trying to push higher but have been rejected each of the last 5 times. Now this doesn't mean that it will happen, but it does mean that this is a decision point in the market.

If we do see some relief I would predict a move back into previous structure support which exist down at the 185 even level.

An entry on the LTF would give me a much better risk reward on this setup, so we'll see if the market will give me anything to work with this week. As of right now it looks as if my best chance is to wait for a LLLC and retest of structure to get involved.

For those of you in the Syndicate, that just watched Jason's video on the F.E. trade, this would be a perfect chance to paper trade (WITH DEMO MONEY!!!) that technique as a breakout an run wouldn't shock me.

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Are you still short on this?
+1 Reply
No, I never got short
No_more_Post Akil_Stokes
lucky you not in.
+1 Reply
Akil_Stokes No_more_Post
That's why we follow the plan

My UJ profit
Akil_Stokes No_more_Post
I think you may have posted the wrong chart, this was the GBPJPY not the USDJPY
Been watching this myself and finally last night (Aus time) we seen it drop and give some coin for those who were patiently waiting. Since then it has pulled back into the 61.8 retracement. Myself I will get back in with a tight stop on the LTF and see if we can push back down into 183's price which is also a 38.2 retracement from the low to the high on the daily time frame.

I am short here on GBP/JPY awaiting a retracement back into the 185.00 handle.
Great risk reward at 5:1
+1 Reply
Best of luck Tom, looks like this trade is off to an excellent start for you
on my radar on the LTF...
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