Hello Traders,
Just a follow up on the GBPJPY reversal trade that I talked about yesterday in my market commentary on the pair, has definitely climbed higher, clearing past the 141 and 141.95 aforementioned levels. This all began from a pin bar and then a series of HLs (higher lows).
Now the pair is threatening a host of levels, such as the channel top just north, along with the key swing high levels of 144.15 and 144.50 where I am guessing some sellers are parked.
If the intraday price action looks corrective heading into these levels, then I will consider a short in these upper levels, targeting 143 and 142. Any break above these key highs would be surprising heading into the weekend when liquidity should be leaving the market, so I'll take that as a sign of strength and wait for a break above 145 before looking to get long.
Good hunting.