GBPJPY Summary & Trade Setup

GBPJPY

The GBPJPY has been meandering around the 158 - 164 region for quite some time now, considering the vivacity of it's downtrend at the beginning of the year this is a fairly reasonable response.

However the pair may well be bouncing around inside a triangle, taking into account the fact that the recent swing high failed to break the previous which peaked at 164, this seems quite likely.

I am predominantly short on the GBPJPY and would recommend taking shorts once we break the 50/200MA and/or a break of both the MA's coupled with a successful break of the ascending part of the triangle formation.

Initial targets should be set at the YTD low.