GBPJPY Potential probe to 148.10
Updated
Looking at structure of the current hard run up, this pair might be looking to probe the highs at the big level near 148.10, if we are lucky a pull back to the breakout of 143.98 might offer a good location to get long into a potential move of some substance
1. Longs today at the little high at 144.08 will offer a nice entry beyond ATR with a possible stop at 143.70s
2. A consideration is the longer term fib of the entire move from 138.65s puts the first retracement level at the green arrow, not too far below our potential stop
3. Consider risk over holding over weekend, perhaps stand aside if the trade looks to fill late in the day given the current risk of GBP flash crashes
1. Longs today at the little high at 144.08 will offer a nice entry beyond ATR with a possible stop at 143.70s
2. A consideration is the longer term fib of the entire move from 138.65s puts the first retracement level at the green arrow, not too far below our potential stop
3. Consider risk over holding over weekend, perhaps stand aside if the trade looks to fill late in the day given the current risk of GBP flash crashes
Note
Still like this idea for now, likely to fill today being now 100 pips below ATR and going into 4th July weekend.As it stands I will likely target 145.13 as this is now the first FTA, and enter again if we get another oppertunity on the way to 148.10
Note
*Edit : I meant Unlikely to fill today being now 100 pips below ATR and going into 4th July weekend
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