waves white flag
It looks like the breakout is to the upside after a prolonged tightening consolidation. I expect it to follow-through this time and did a stop-and-reverse at 210.65
For some history, last time I went long, GBP/JPY was at 198.00
U.S. CPI out in 15 min - that ought to tip USD/JPY one way or another, and likely the Guppy will follow suit.
A modest sell-off following a CPI print that ticked to the upside but did not deviate substantially from expectations. The Guppy shed about 75 pips but has since gained some traction on support at 210.
There may be a double-top forming @ 210.67, though with a shallow trough and little follow-through on the post-CPI dip. Meanwhile, price continues it’s consolidative climb along the top speed line off of the fib fan (in red on attached chart) from 200-209. A break held below 210 would challenge the advance, while a break above 210.67 would provide further confirmation. The Guppy’s range continues to tighten - will it culminate in an upside breakout?
The below statement is my most intelligent analysis I can come up with:
“WHY WON’T SHE JUST DIE OFF ALREADY?!?! WHY?!?! WHY?!?! WHY?!?!”
Am I being a little too impatient waiting to pick up my longs.
Lord, please grant me the gift of some patience. AND I need it right now!
G/J seems to be a bit Bi-Polar lately. lol