The Pound Japanese Yen review.

Good morning Dynamic Traders,

Today I thought I would review the GBPJPY from last Wednesday's post, which stood at 153.37, and was mentioned as a possible short depending on your stance.

As of the low of today, a possible quota of the 400 or so pips could have been taken, and if anyone has taken some of these then well done to you.

However if you are in this trade, and depending on your management and rules you will either have locked in some profit by now, or if you are using the 'Smart Money Edge' webinar technique, then T1 has not been tagged and so you should be managing accordingly.

The short term trend has moved into a down position today as I am writing, which is another confluence, but you should be aware that there is former support coming up and price is currently around the figure area of 150, which could cause support too.

Good luck with your trading today, and as always please ensure to do your own analysis before taking any trades.

Charts courtesy of AdvancedGet.

Have fun.

Clayton Farnworth.