I have been buying the GBP/JPY pair on dips for some time, but with the amount of noise that we have seen lately, its been a major issue to simply hang onto the market. The reality is that the market is like this now, so its a matter of taking advantage of what is being offered right now.
Looking at the daily chart, I am starting to scale into a position again. I think the 174 level is a potential spot, and I think that the 173.50 level is also another area where I would be going into the market as well. Keep in mind that the Bank of Japan has an interest rate meeting on Friday, although they already said that they aren’t going to be changing monetary policy anytime soon.
I believe we eventually go looking to reach the 177.50 or so.