Pound Yen

Good evening Dynamic Traders,

Spoilt for choice tonight with all the formations on the dailys.

Tonights chart I am going to keep a close eye on for tomorrow is the GBPJPY. Todays candle formation is a good gravestone doji which fell to a good figure, but as you can see, previous support was breached yesterday with a BOB and depending on your stance could have triggered a short today but if managed well would have given very nice profits. However with todays price action ,I am waiting for some form of reversal, with clues coming from my confluences, but as it stands, we are at yet another good figure. The lower timeframe has a tram track formation, and short term convergence, with an OS Stochastic. Plan your entry well as we are heavily against the trend.

As always, please do a complete analysis for yourself before entering any trades.

Charts courtesy of TradeStation.

Enjoy your trading,

Clayton Farnworth.