Longer term charts still favour the GBPJPY to the up side. Short term charts suggest it is trying to test the 15min 200EMA. on a small pullback we will get in a try to ride it at least back up to the 200.
This is a classic setup with the longer time frame showing a bullish bent and the shirt term time frame trying to hit the 200. I have used the small pullback to the 38.2 Fib to get long and chase it to the 200EMA
There is a young uptrend on the 4hr and this nice deep pullback on the 15 minute chart. MA's are still suggesting an up move but will need to keep a tight stop as the 4hr does show a possible double top. I think that this might at least re-test most recent high which would allow a long entry to have it's stop moved to break even.
We will wait for an entry signal!
Strong up trend on the 4hr chart means looking for long trades. This 15 minute pullback looks interesting. Almost tagged the 50 Fib line and the MA's are all still saying buy! A close above the 20EMA and i'm long!
