There has been renewed Yen weakness following the NFP figure on Friday. GBPJPY underwent a 300pip pullback over last week, whereas the other key Yen pairs (CHF, EUR and USD) more or less traded sideways most of the week. Hence why I am willing to go long GBPJPY. The pair is just below the previous highs. There is no GBP or JPY news this morning. BOE Carney will be speaking around 5pm this evening. Am placing the stop below the Sunday night gap close. Did have an issue whether to end at current price level or to wait for a further pullback (we were waiting for a pullback on the pair on the 15M chart for JBT).
In summary – buying strength & strong momentum and selling weakness & weak momentum, after a pullback, after bullish price action.
Have not yet set the target pricing, nor designed the stop loss management. I will do this shortly.