I going long on GBPJPY for the following reasons:
1) It has been on an uptrend since last week.
2) It has been making Higher Highs and Higher Lows
3) There is a trend line that has been respected twice possibly 3 times with this touch.
4) It is on a critical FIB 61.8% which is key for reversing back up.
As always very minimal stop loss with 25 to 30 pips. The break of the trend line would invalidate this trend.
If it does break the trendline I will look for a retest and a shorting opportunity.
1) It has been on an uptrend since last week.
2) It has been making Higher Highs and Higher Lows
3) There is a trend line that has been respected twice possibly 3 times with this touch.
4) It is on a critical FIB 61.8% which is key for reversing back up.
As always very minimal stop loss with 25 to 30 pips. The break of the trend line would invalidate this trend.
If it does break the trendline I will look for a retest and a shorting opportunity.
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It hit my stop loss but I waited for the retest of the line and took a short.