The GBP JPY could give us a 100-Pip trade in the next 12-24 hours if we see a good signal on the 4H Chart. This would be in response to the Daily Chart signal already given at the Resistance boundary of the large Pennant. Giving us a heads up that this is likely to happen was the positively correlated CHF JPY that had a very similar setup last week.
DAILY CHART - CHF JPY
The trade would have involved entering at the close of that Daily bearish candle, placing a Stop Loss at the high of the ABC …
DAILY CHART - CHF JPY
The trade would have involved entering at the close of that Daily bearish candle, placing a Stop Loss at the high of the ABC …