Gbp-jpy
Has anyone been watching this in the last few days?
I started watching it after a couple of comments several pages back, and decided to try to get to know this market which I'd never actively traded before. (I'm also still learning the TD MMT method, and just thought I'd try to get to know one market really well for a while).
End Jan-Feb-Mar and beginning April, it was trending up smoothly enough, then
(on hourly), downward, followed by sideways channel. At least two goodish opportunities, one long, one short, up and down the channel, then a reasonable long which I paper-traded for +100pips (profit target). It now seems to be consolidating.
Is this just the slowdown before Easter, or is anything interesting about to happen, do people think? (Not until next week, I presume).
I think the probability is that it will eventually resume its upward trend (as on the daily), but how soon that will be, who can say. I guess it could continue drifting slowly down towards the ascending TL on the daily then move up, or just turn around from where it is.