GBPJPY: Speculative long position

We have an interesting setup here, but it's not for the faint of heart. Risk is big in the Pound pairs, so only risk 0.5% on the long here. The spread with USDJPY might close soon, so you might have sizeable upside in this pair. Invalidation is a move back under last week's open for this trade idea.

Good luck,

Ivan Labrie.

ps: I'm still unsure of the GBPUSD pair, so I'm currently flat, although I'd reccomend caution trading it. Size trades small so you have reasonable risk. Look at the ATR indicator for clues.

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I'm worried about the Pound, better be short GBPUSD, and flat here.