GBP - Sentiment is not good, but a retracement is on!

GBPJPY took a bit of a hammering towards the end of last week due to some disapointing econmic data and I feel that this will weight on other GBP pairs. However the Yen (JPY) is weak and this instrument is oversold shown by the Stochastic indicator. A nice chanel has formed on the top and I feel a bounce aroud the lower trendline for a mid way retracement is due. I'm long with stopsunder the lower trend line, I will split my trades to take profit at the half way move and then move my stoploss up to the mid point if it continues tomake another Higher high.