It looks like the price did end up getting stuck in 50 pip range for the last 24 hours and I'm planning to continue trading it tonight. My order for tonight wil be a short GBP/JPY @ 133.49 with a TP 133.00 and SL 134.01. My trade is based on the following factors.
1. The price has bounced off the 133.50-133.70 area twice since yesterday and I am betting against a break.
2. The range has been 133.60- 132.90 and it would be safer to continue trading the edges of range than to anticipate a break.
3. The trading terrain looks rough tonight with the RSI being choppy, short candles and the EMA flattening out in the 30 minute and shorter timeframes. From here a forecast is very difficult so it may also be wise to put a 25 pip trail or avoid trading until the price breaks above 133.60 or below 132.90. To each his own.
Trade edited: Reversal strategy was put into play with P/L = +59 pips
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