GBPJPY candlestick question

I can’t quite believe this didn’t break through the 155.5 area; it broke through and came back again. Very volatile day.
So, in an instance like this where we look like we have the beginnings of a reversal bull pattern, would you wait until the confirmation candle was halfway up the last bear?
To be honest, I’m not sure I’ll trade this until there are a few more bounces in this area, it’s all a bit messy at the moment.

I’m not trading GBP/JPY at all for the rest of the week. News announcements caused it to bounce all over the place today, and tomorrow is NFP Friday, so I’m done till Monday!

I think it’s too risky to trade after today’s choppiness.

NFP? US report?

Yeah, NFP always moves GBP/JPY.

GBP/JPY does not operate in a vaccum. What happens on other GBP and JPY pairs has a direct effect on GBP/JPY.

GBP/USD and USD/JPY are two of the three most popular pairs, they are heavily affected by the NFP, and this will move GBP/JPY.

As a slightly off topic question…why is GBPJPY so popular with independent traders? I assume it’s the volatility but wouldn’t other JPY pairs be just as volatile?

I have no clue as to the reasons behind it, but GBP/JPY moves unlike any other pair.

It’s very volatile, but at the same time it’s very predictable. That’s the only way I can describe it. :slight_smile:

That’s good news!! :slight_smile: :wink: :wink: