GBPJPY buy the break

May 27, 2016

I'm already long this pair from Monday but did not take profit yet because my minimum target is 162.82. That target has been missed by a few pips. But that's okay because I will follow my plan. I also think that 165 will be the more likely target. This will therefore provide another buy opportunity and possibility to add long. I will be looking for the bullish break. If it accelerates lower I will trade the other way around and use consolidations to get out of the trade. Stop loss is already at break even.

updates will follow.

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May 30, 2016

Note

Minimum target has been reached which was the previous high. However I believe that the GBPJPY is not yet done and I will look to buy the continuation IF we see a consolidation of lesser degree towards 165. Once this wave C is over I will be looking for a reversal but updates will follow.