GBPJPY Summary & Trade Setup

FX:GBPJPY   British Pound / Japanese Yen
24 0 1

The GBPJPY             has been meandering around the 158 - 164 region for quite some time now, considering the vivacity of it's downtrend at the beginning of the year this is a fairly reasonable response.

However the pair may well be bouncing around inside a triangle, taking into account the fact that the recent swing high failed to break the previous which peaked at 164, this seems quite likely.

I am predominantly short on the GBPJPY             and would recommend taking shorts once we break the 50/200MA and/or a break of both the MA's coupled with a successful break of the ascending part of the triangle formation.

Initial targets should be set at the YTD low.
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