I don't place trades off of the daily timeframes but I do watch them on a consistent basis as part of my top-down analysis and GBPJPY has been one that has been in some what of a fight as of late. After easily rallying up into structure it's come to a halt and it looks as if the bulls may be running out of steam. Just look at the wicks, they're trying to push...
Bullish Cypher pattern in the 1h timeframe is completing in an potential bouncing area defined by relevant daily structure (recently broken to the upside). Action: buy at cypher completion and look for continuation.
Buy after some bullish candle formation developed into PRZ on lower timeframe (1h)
Looking closer at this pair by using a lower timeframe (4h), a double top with bearish RSI divergence is in place. On the daily chart the pair is retesting a nice resistance level. Action: sell at market T1 38.2% Fib retracement of the last swing high T2 50% Fib retracement of the last swing high