If the tight range of the candles over the past four trading sessions are any indication, accumulation might be forming on GBPJPY. Given that we've traced from the early May highs, we see a bullish checkmate/accumulation pattern in progress, and are just below the 50 SMA in a clear uptrend, I put on a buy order to go long at 169.96 with my stop at 169.16. I'll move to breakeven at a close at or above 171.64. My long-term target profit is going to be at resistance near 192, though I might take half off somewhere between 172 and 174 if reversal signs emerge.
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