This is what I am seeing for our GBP/JPY trade, progress was made last night in the general topping process that will need to play out before we achieve any lasting downside pressure. So far, so good. Still sitting outside the local channel break, with a test of the boundary failing to recover. Target #1 was achieved last night, I am hoping for Target #2 later tonight or tomorrow morning. If we do get some significant downward pressure as traders come back on line from the European regions (Asia still on holiday), we could see Target #3 before the weekend. If not, we will most likely wait until next week. I will be posting an update for EUR/JPY later today as well. Currently, I am short GBP/JPY, EUR/JPY, and I just put a short out on GBP/USD, there appears to be a double top forming near the strong 150.65 resistance. More on this later....
Happy Trading!
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