Last night the entry target was not reached and so the trade is cancelled. The range has been tighter than anticipated now between 129.00 and 129.50.
Tonight I plan to buy GBP/JPY close to 129.10- 129.20 with a TP 12.70-129.85 and SL 129.55 - 129.70.
On the 4 hour charts the pair has broken and held above 129.20 which indicates bullish pressure. The pair is also holding above the 100EMA . RSI is ranging in the middle. Hourly chart is also holding above support around 129.15 as well as the 100EMA. Closest resistance is around 129.40-129.50 with 130.00 region the next stop. on the down side 128.80 areais vital support and I hope it holds for now.
The shorter periods are looking good with 15 and 30 minute both holding above the EMA but more or less rang bound with a bullish tone. 5 minute chart is as usual all over the map.
P/L =+25 pips
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