Ciba
Long

Revised LONG (overnight's lull allowed breathing room)

FX:GBPJPY   British Pound/Japanese Yen
91 1 1
My last idea of HOLDING a prior LONG then into a SHORT did not transpire when the PMI came out. So I'm still holding LONG for the following reasons:

1) Last night's lull in trading (GBP PMI didn't impress)(all the excitement was over at EURJPY             ) allowed for MACD and RSI to calm down.
2) As indicated earlier, I follow Danske and their public FX disclosures, they've revised, aiming for 173.65, but also pulled up their TP Stop by 80 pips.
3) It's relatively quiet as far as fundamentals go, heading into the weekend (it's only Tuesday morning             PST). There's only two more GBP announcements (they're relatively big announcements, but nothing on JPY's side other than the consumption rate hike)
4) The JPY tax hike is significant, but the BOJ took strong steps to put that into today's pricing - i.e. advanced disclosures and being adamant about QE             .
5) GBPJPY             seems to like to play with USD annoucements - ADP, Unemployment, then NFP (look for loud volatility around these releases)
5) Lastly, is there a channel forming? (Yellow lines)

Holding LONG, with stops using the Red lines - a meandering week for the GBPJPY             after last week?. Aiming for the Cup and Handle that I've been harping about wanting to see.

Anything resembling a ENGULFING BEAR candle on the 1HR that 's subsequently confirmed may see an earlier than expected pullback.
isomorph
2 years ago
couldn't agree more. however, i expect a shallow pullback prior to the major risk event later in the week. already sort from today's top. waiting to add some more if the market gives me the chance.
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