GBP/JPY

It looks like price is retesting September/October topside range and bottomside trendline resistance. It also has been an extended rally so a short term bearish pullback is a possible scenario to watch for. Stop is set above the past range and tp is set at weekly support level. Possible tp 1 is not shown but should be at the bottom of the Sep/Oct range where I expect price action to have some trouble breaking down. But Gbp/Jpy is very volatile and a swift hard breakdown could happen without much concern about the range base. It might want to extend to new highs breaking out with another extension to the upside where I will be looking to re-enter short, Stop is set tight because of the volatility of the pound recently and the way this pair likes to move. I always trade this pair with more caution than the rest and sometimes it can be pretty unpredictable.

-Solid black lines are weekly levels support/resistance (major)
-Dotted black lines are daily levels support/resistance (minor)


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