GBPJPY analysis - a little bit bullish???

h1 chart - 10 am Malaysia

A bullish pinbar has formed on the daily chart. However, the crazy move of 500 pips spike yesterday was due to the UJ currency option expiry; which might not reflects the true picture of market situation.

Right now, I consider the range between 123.00 and 125.50 as "no man's land". No trade will be taken within that area.

Simply said, a breakout above 125.50 would indicate a temporary break of the current downtrend. Meanwhile, a breakout below 123.00 indicates trend continuation.

Meanwhile, I would stay out on the sidelines. B-) Nobody ever lose their account by staying out... :-B
6.45 pm - still out of trade
qoute of the day:
"it's not about trading EVERY day, it's about trading
that ONE RIGHT DAY...... you make money by waiting,
not by trading... sounds so silly nobody wants to
believe it, but it's true"
7.00 pm - at last, 123.00 broken...
let's start the party <:-p \:d/
8.00 pm - price dropped to 122.00
closed half position
the other half rest at +30 [-o<


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