So, JPY is getting hammered today and the Pound is having a solid day so far.
The pair is fast approaching a key zone of Resistance (139.250 area)
As per the chart, price has been rejected from this area multiple times (which would suggest a short) - but as the saying goes 'triple tops rarely hold'
I feel it is a little too early to say what this pair will do just yet.
Personally my preference will be to enter a small short @139.250ish TP = 138.025 / SL= 139.590 to give a RRR of 4.10
If we get stopped out that is fine, we will then look for the bigger move to the upside if price breaks through the support in a more solid manner.
back in the trade now at 139.525
I took partial profits as above and moved my stops to break even overnight and subsequently got stopped out!
I am looking to do the same as above today, first I am waiting for the 9am candle to close - market more volatile earlier in the day - I am using a tight SL so dont want to risk being wicked out.
I will aim for;
Entry @ 139.525 - .575
SL; 139.825 keep SL very conservative as if this moves to the upside it'll likely go to 142!