Range trading GBPJPY.

The pound yen is good for a long on the pullback as long as the price does not break 155.4. We will hold this long trade until the top of the channel at around 157. From there, we will wait and see what happens. It could pull back to retest the bottom of the channel and breakdown from there or break upwards from here. It is highly dependant on whether the macros favour risk on from the day the fed starts raising interest rates.