Hey Guys,
I just got a few emails about the break of the 154.80 line. I am not in this trade……..
GBP/JPY has moved far past its average daily range and we are in the Asian session. This si the point at which you would expect it to stop moving not keep moving.
My advice to anybody who jumped in wuld be to close this one out or trade it with a tight stop.
EDIT:
Sorry to get this post out after the actual break but I was in bed and thought I should come back and leave this message. Its around -15 pips from open at the moment. Rememebr lines are not magical barriers that you jump in when broken. My method is a discretionary method and when you see GBP/JPY ranging 400 pips (almost 2x its avearge daily range) in one day you do not get in at the end of that day mid way through the Asian session. This trade could still work out but I woul not take it.
EDIT:
Ok 20 min later it just had a complete reversal. Looks like a reversal pattern may form.