GBPJPY, 23.04.12, Asian Session
Bulls have been relentlessly pushing price up marking daily higher highs and higher lows. We may soon see a break of 166.40.
With a massive movement like this, most would think that we should buy into the trend. However, I still think otherwise as markets tend to be mostly ranging than trending. Another reason is that this move hasn't corrected yet and it is prudent to wait for a correction before going long.
My approach would be to trade against the prevailing trend and the key setup I would be looking for is a compression of price action. Monday was a huge 1% move. Yesterday, the volatility dropped by more than half. If market continues to compress throughout the Asian session to London Session, then we might see a signal forming soon.
We have a series of events tonight at 830pm (GMT+8) from US and Canada. Could these events cause price to respect the resistance at 166.40?
With a massive movement like this, most would think that we should buy into the trend. However, I still think otherwise as markets tend to be mostly ranging than trending. Another reason is that this move hasn't corrected yet and it is prudent to wait for a correction before going long.
My approach would be to trade against the prevailing trend and the key setup I would be looking for is a compression of price action. Monday was a huge 1% move. Yesterday, the volatility dropped by more than half. If market continues to compress throughout the Asian session to London Session, then we might see a signal forming soon.
We have a series of events tonight at 830pm (GMT+8) from US and Canada. Could these events cause price to respect the resistance at 166.40?
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