GBPJPY and GBPUSD

That was a week run, I decided to B/E on the GBPJPY and closed with 40 after the Cable bounced off the weekly pivot. If you feel comfortable with where your stops are, I think it is still OK to hold. Just watch the USDJPY for direction too. Sometimes it will move before the other 2 pairs. Action should pick up again in the next hour or two.

I spent the day with my kids today, and didn't get much sleep last night. Don't know how much longer I will hang in. Watch the 155.50 and the 1.61, and any reaction off the trendlines. They may push down again. Today is Non Farm Payroll. The biggest news event in Forex, so be careful, UDS crosses and any others, as Risk aversion/appetite can also enter the picture, especially if the actual numbers are off the projected numbers. 520k jobs lost is the expected number.

GBPJPY

Looking at the GBPJPY, it has traded a range of 157 and 155.50 (Psyche levels). A squeeze has formed, not as strong as I'd like see, but it is a clear tightening of the range. I'm going to try and post this quickly, as the moves have happened about this hour, this week, when it normally happens an hour or two later. Once a clear break of the blue consolidation lines has occurred, watch for S/R at 157 and 155.50.