The trend of gbp/jpy has been a gradual trend up, with well structured waves. The movements in GBP/JPY dictate the movements, in USD/JPY abd GBP/USD.
The options are to wait for the low point in the wave cycle of GBP/JPY to enter trades long in GBP/USD and USD/JPY, effectively taking USD out of the picture.
So if your bullish on GBP/JPY
1) long gbp/jpy outright
2) long equal usd amounts of GBP/USD and USD/JPY
If bearish on GBP/JPY
1) short gbp/jpy
2) short gbp/usd and short usd/jpy equal amounts
At this given moment in time: GBP/JPY is trading at 218.09
If you think its heading for support at 216.16, play the above trades.
The options are to wait for the low point in the wave cycle of GBP/JPY to enter trades long in GBP/USD and USD/JPY, effectively taking USD out of the picture.
So if your bullish on GBP/JPY
1) long gbp/jpy outright
2) long equal usd amounts of GBP/USD and USD/JPY
If bearish on GBP/JPY
1) short gbp/jpy
2) short gbp/usd and short usd/jpy equal amounts
At this given moment in time: GBP/JPY is trading at 218.09
If you think its heading for support at 216.16, play the above trades.
Price is the only indicator.