Trading GBP-JPY is always challenging, no exception this time. I’ve been lowering my entry to just above most recent high on 1H charts. Finally a minor high was taken out and I was in at 192.55.
The previous swing was rather small, so I had to limit my target to 100 pips or 193.55. It was taken out by only 2 pips. Good thing. Couple of hours later I placed new buy order at 193.65. Unfortunately, what followed was another steep sell off, so I cancelled that order.
I still like the beast here, it moves a lot and things happen quickly, so I’m zooming in to a 15M chart.
It is very late in a trading day now and I don’t think this trade will be executed. But I’m going to leave it as is until European open tomorrow, when I might focus out to 1H charts and see what happens. If this current order is filled by then.
While talking about the Pound. The Official Bank Rate was left unchanged at 5% and so was Euro’s Minimum Bid Rate at 4.25%. Not much to comment on.
Mike K.
