GBP/JPY: Long with a tight stop
The GBP had a rough ride on Friday yet support levels in GBP/JPY are still holding and I like the possibilities for a move higher. My thoughts on Friday re the daily chart were that we might see a bullish move start to develop and the 4-hour chart is giving me an obvious stop-loss level below 125.35.
I’m long at 125.62 with a stop at 125.17 and an open profit target for the moment. I’ve only got a moderate position to begin with so I can monitor how it develops.