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With a cue from USD/JPY starting to drop late in the Moscow session, we were able to build a trade plan on the weak British Pound and Yen as well. The GBP/JPY had bounced off of a 61.8 Fibonacci retracement Friday, filled a tiny gap from Sunday, and was then hovering around it’s 38.2 today. With the USD/JPY diving, building a plan to short the GBP/JPY seemed valid since it had not yet taken off as the USD/JPY had. Using Fibonacci retracement/extensions, bollinger bands, stochastics, and daily/weekly pivot points we were able to build a solid low risk high reward plan. The we simply did a ‘Ride the 5′ ema all the way to our 138.2 Fib extension for a sweet 200-225 pip trade. Does not get much more straightforward than this.
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