As already mentioned in previous post, we still have a good trading opportunity left in GBP, though we were looking that yesterday it will cross previous month low, but the momentum and volume both were in medium range so things did not work out as planned.

Few things we would be considering for trading GBP/JPY pair for coming week.

Going long is dangerous, though few might look for 15 to 20 pips profit in long positions
Short opportunity at level 134, 136 , 137 range with high RR ratio.
Above 140 and 143 are stop loss for all short position opened.
Downside may be as big as 116 and 119 levels.

First indication to hold our position for higher TF would be crossing of previous month low, this might be critical point as it may open up more down or syndicate might start covering it.

Happy Trading.
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