GBP/JPY is currently breaking through the short term lower channel line at 155.77. We’ve been down to 155.62 so far.

gbpjpyh4 21 05 2013

That low has coincided with the 55 H4 ma. Below here is support at 155.37 then 155.15 with stronger down at 154.25/35 ahead of the 100 H4 ma.

On the weekly chart we have a golden cross in place as the 55 ma has crossed the 200 ma which is a very bullish signal for the pair.

I’m probably bonkers but I’ve taken a very small long at 155.72 more for the yen trade than the pound one. I’ve got a 50 pip stop on it which is just below the first support line detailed above.