FX:GBPJPY   British Pound / Japanese Yen
Hi all,

I'm still liking GBPJPY to the down side, i think price will probe these lows for a stop loss hunt and i would like to get in to the move back up.

I've set my buy limit at the purple line for a number of reasons:
1. It has been previous support now resistance (red arrows)
2. Fib confluence (white arrow)
3. Anticipation of grab of liquidity (blue arrow)
4. Price would be over extending its daily ATR

If doesnt happen and does the complete opposite and attacks the highs, i will look for price action up here, in conjunction with MACD convergence for a possible sell entry. Again if price breaks the high i will look to get in on the retest of this.

Always have a plan for the day!

Comment: Still valid


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