I am fully aware that GBPJPY could crawl lower if it wishes, but my charts inform me not to “expect” this. My indicators are telling me that the 147.70 level is the lowest I can “count” on the exchange rate falling, so I am happy to get out here with a few additional pips profit as opposed to “going for broke” only to have the pair turn on me, snatching defeat from the hands of victory.
My Numerical Price Prediction forecast model plots statistical support at somewhere around the 141.05 level, so on that basis I entered a GBPJPY long position with lots of room above for crawling up the side of the rate mountain, even though the intraday trend is technically bearish.