I have reposted this chart.
It does still seem that the pattern is holding the extreme candle with small body and extended upper and lower shadows appear to have defined the range ie. support around 206.9.
All subsequent candles have been inside 'bars/candles' something I view as bullish and also implies reduceding volatility something I always like to see prior to a break out.
The last few Candles have been spinning tops, almost doji's ie small bodies and extended shadows. This is also in line with expected behaviour, we have had a move down from the 209 levels and now there is indecision. I am choosing to interpret this as a questioning of the downside move and consolidation just above the 206.75/90 levels.
A further development to watch for would be 'hammer' type candles, these would be small bodies with primarily lower shadows tactically this would further embelish the bullish break out scenario, while showing rejection of the lower levels at each test with the close being at the high end of the range.
A fall through the 206.80 level would invaildate the short term case.
I hope this helps and is interesting if I am correct adding to a long GBP/Yen position in the low 207.10/30 range on the occasional lower wicks of the candles may prove profitable, else for greater conviction buy stops to catch the BO once it starts at the 208 levels where the last atempt upwards failed or further still around 280.55.
Enjoy the trade.
