Fading the correction of the down trend. Huge risk to reward. 11 - 1 . Risking $100 to win 1100 is good risk management. I might get stopped out, but i only need a few of theese to win som serious money :)
The Daily chart shows a shift in the trend when the market hits a resitance level three times and then break out over the "neckline". This has probably started a new up - trend for the dollar.
On shorter timeframe we can see a channel forming. Waiting for the price to bounce of the channel and resume the uptrend.
GBP /JPY has had a nice correction against the long term trend, and has just come into some resistance. I belive this resistance will either drive the price down to new lows, or break out and maybe reverse the trend. Either way there are some pips to be made :)
Here we have a correction against the major down trend and it hits resistance from trendline and fibonacci level 0,786 ( an important leven for currency pairs.
I belive we have a short opportunity, unless the price action breaks out and dont fall down again.