GBPJPY has spent the last 16 or so hours at or below the center of this upsloping bullish channel (see below) suggesting it would be logical to reason one should be on the alert for opportunity to enter a long position if and when price begins to exit what is more than likely a temporary pullback...
EURJPY also has the potential to head north. But then again, there is plenty of room for it to reverse direction to the south, should it opt to do so.
Over the past month, I've gotten away from trading and spent much more time writing songs, looking into the feasibility of starting a music publishing company and finishing a version of my book on how to easily master the multiplication tables correctly formatted for self-publishing through Barnes & Noble. Now that I'm returning to the markets in a more concerted fashion, I'll have to go back and investigate what I was talking about with respect to the above-referenced weekly perspective strategy. Nonetheless, based on the bit of tipping my toes into the water I've been doing over the past month, my observations as I now currently interpret them suggest to me that USDJPY should resume heading north, probably sometime within the next 24 hours, or at least by the end of the week.
So, will USDJPY continue to rise from this zone of support, or will it defy this signpost, like it did back around the end of September?
USDJPY is back down in the neighborhood of it's low point from 12 to 16 hours ago at 151.91, with its day-to-day trend lines having reversed from bullish to bearish. On the other hand, EURUSD had already reversed direction from bearish to bullish, offering me the opportunity this morning to bank 20 bucks when it pulled back to 1.0846, and then began to rise once more...
Unless USDJPY wants to all of a sudden turn right back around and re-wear a bullish sentiment, it "should" offer the opportunity to make some money by selling the pair if and when it initiates a new leg south somewhere between where it is now and the upper trend line. EURUSD is once again a buy candidate anywhere between its present location and the two support levels below it, so I'm just waiting for it to trigger the signal to go ahead and enter a long position.
Price action since your previous post illustrates why you should NOT be concerned with anything beyond the one hour measures (leave four hours behind) and you should only trade during the hours that you are conscious (awake) and able to hear any alert signals. The following alert was coded in accordance with these two lessons and should be perfect for the trading you do going forward...
If the above alert was perfect for me, what am I to conclude about this modification, which makes it even better?