FX:GBPJPY British Pound/Japanese Yen
Don't get burned if you bet a strong upside specially if it sustains more than 6 months. GBP/JPY is a classic case study, but now last 3-months GBP seemed to have slowed and created 6-touches at and around 38.2% upside projection line, and now hovering over it plus it may violate ascending support trend-line which could give many seasonal traders to initiate short position. U need to take into account recent macroeconomic news as well as recent slow down of the upside . The First 2 squares had strong upside price movement n were shorter period than the last square but managed to break the upper channel with slow movements. If it moves below the ascending support line expect a quick fall to May lows. If u like it follow us and more to come
Don't get me wrong, I think you made a great call with that rising wedge? pattern and what I am suggesting is congruent with your idea, I just think there is room for one more move to the upside before a serious retracement. That is also in line with my expectation of a serious rise in GBPUSD. Time will tell indeed. Keep up the good work!