British Pound and Japanese Yen has been in heavy consolidation for a few days now.. creating some beautiful support and resistance zones. Weekly and Daily chart are looking bullish but the British Pound has been extremely weak against the Yen overall for this year so far.. could we be witnessing the British Pound gaining strength and momentum back? I'm currently neutral on this setup because I'm waiting for price action to show me the move. I have the one hour chart marked up for respective support and resistance zones.. I'm looking for a break and retest of 129.500 resistance or a break and retest of 129.000 support to either go long or short. GJ is gearing up for a massive move soon but then again its the market, this pair could push sideways in consolidation all week for what we know, keeping a close eye and I have my buy or sell finger ready once price action gives us a clear sign.
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Entered the sell at 128.950, stop loss already moved into profit.