GBPJPY: What I am waiting for here is a break and retest of this 151.400 area, additionally, I will look for any bearish candlestick pattern to confirm my entry and I might use the Fib to determine if this is a valid trade and also to determine my take profit zones.
USDJPY: I got this trade idea by one of my trading friends however I did not feel comfortable entering at the time and parameters that he specified. I waited for 1hour resistance to be broken and retested at 109.350 area. I then entered the market as soon as I saw a signal. On the Fib it is clearly a 78.6 % retrace which is also more confluence. Currently in this...
GBPUSD seems to be forming a bullish flag, approaching 61.8 on the Fib which is also a strong support level.
GBPJPY: Short term sell idea, initially I was waiting for the Head and Shoulders pattern to play out, I had a buy stop just above the 153.266 area. My ascending trendline was broken and retested, my bias changed to short, I have placed take profit 1 at the next significant support area and stop loss above area that was retested.