Since mid-January, GBP/JPY has been trending higher within a larger downtrend. But from Jan 23 onwards, the rebound has stalled and saw GBP/JPY pulled back in a 3-wave decline from 161.80 to 158.88 this morning in Asia trading. It is possible, what we are seeing is a larger degree recovery from the Jan 13 low of 166.65 to 161.80 from 158.88 (assuming this is the low) targeting 165.04. If so, this presents a buying opportunity with a superior risk/reward profile.
Bought @ 159.186 Thu, Feb 02, 12:43pm.
Stop @ 156.90. Stopped Out @ 156.90 Fri, Feb 04, 08:47am -$497.86.
Target @ 165.00