End of the week and I’m rather happy, since I didn’t get much sleep last night. All because of GBP-JPY. Just as I thought that things were quiet for a day, all hell broke loose. JPY really went berserk and pulled GBP another 300 pips lower. This looked like a blow out pattern. This term usually applies to tops, but the same applies to bottoms. With moves this large, I moved to 5M charts and placed a buy order.

I made a 100 pips here. After that things slowed down somewhat, at least were not that explosive. I switched to 15M charts and started place new buy order. I had to move it couple of times before there was next upside break out.

Next trade was filled at 187.80 and reached its target of 188.80 rather fast. So not much sleep but decent gains. Over all not a bad week.
I will stay with GBP-JPY and maybe some other Yen pairs, still seeking trades to the upside. I’m not entirely convinced that this has been the bottom of this large move. Situation painted over last couple of days just doesn’t have the strong characteristics of a reverse that I’d like to see.
If I was, I’d simply buy here and hold until 198.00. As is, my targets are less ambitious, like 100-150 pips on breakouts above highs on 1H charts.

This is my next order. Doesn’t look like it is going to be filled today. Frankly, I hope it won’t. I’ll gladly wait till after the weekend. On a related topic, USD rally might be running out of steam. For now.

Mike K.