Direct from the desk of Dane Williams.
Being a Sunday, there's not a whole lot happening in forex markets.
I've still got a few setups unfolding, so I've expanded to a currency pair I haven't looked at on the blog for as long as I can remember.
GBP/JPY - THE BEAST!!
It's been so long that I couldn't even find an old blog to carry on the narrative from like I normally do!
Take a look at the daily chart below.
GBP/JPY Daily:
I trade both GBP/USD and USD/JPY separately and I'm always interested by which market these crosses follow closer.
In this case, it looks a lot more like the GBP/USD chart than USD/JPY.
Price looks rangebound, but we've had this nice little bounce off support which is potentially putting the pair in play to trade from the long side.
You can see that to end last week, price has pulled back a little closer to the zone again.
If we zoom into an intraday chart, there's going to be short term resistance that we can use as support to manage our risk around.
Best of probabilities to you,
Dane.
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