Last night turned out to be choppy as anticipated and the trail did it's job. I walked away with about 5 pips, so basically broke even. Tonight it seems that we may see one more wave up in the mini correction. My strategy is to buy GBP/JPY around 129.50-129.70 with a TP close to 130.35 and SL 129.00-129.20.
The daily charts seem a little oversold so I would be cautious about selling at these levels. By looking at the 1 hour and 4 hour charts it seems that there is a slight bullish tone to the price action with highs overtaking the lows in the last 24 hours. The trend line in the 130.30 looks to be holding for now so I think buying at the breached resistance around 129.60 with a TP around 130.30 is a good bet for tonight.
The lower time frames are a bit choppy but are basically looking constructive(possibly building up before collapsing as usual). The 100 EMA is flattening out in the 5 -30 minute time frames which also shows some indecision in the very short term. I personally think that it's to risky to sell from these levels and I'm not sure how high we can go so placing a pending sell order is also a problem. Since I am technically counter trend trading (based on longer timeframes) a trail of 40-50 pips is again recommended
P/L RESULTS = + 60 PIPS
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