A lot of interest in GBPJPY after it broke it's 3 month channel to the upside yesterday. However I point out that it's likely a false break and a move back to the bottom of the channel is more likely. CCI confirms divergence here and starting to make its move back into the channel. Also, I like the risk/reward on this trade. The 61.8 fib level above is going to provide my stop level. Shooting for middle of that range first, then bottom of the channel as 2nd target about 600 pips.
More importantly, this gives us a clearer picture of the potentially breakdown of equities in the coming week.
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