GBP/JPY: Entry Price - Long @ 138.56
Like the Euro - GBP has suffered several thousands of pips to the downside. I am trading long this pair due to it massive movement to the downside. The reason I'm long on these pairs is that there isn't really much more downside to go when you look at the chart we can see a large downward movement in recent weeks & months, and finally a bounce that may be indicating a bottoming of the price action. The market priced in recession fears and poor GDP numbers for the GBP and have responded by borrowing the Yen. Since you are most likely a small spec trader like me we won't have enough money to change it's direction in the immediate future.
My strategy is long
Entry price: 138.56 (stop is 200 pips below the lowest low of 137.30) locating it at 135.30
Again if it trends below this level I will look for another entry at a better price.
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