GBPJPY BUY

This is not an ideal pattern, the treding is clearly bullish and for many months we have been both looking to trade this one and buying it. The current pullback appears to be the start of a C wave higher, if so it will unfold in 5 waves matching the A leg. However the buying area goes beyond the invalidation line for their particular wave count. A break of the invalidation line would mean we need to re-think what is happening.

I'm going to watch this this morning and dependant on a few factors, trade it on the managed accounts. As a signal I'd take half lot sizes at 150.55