Dear Lord make this newbie's learning curve a short one. Amen. GBP/JPY MM's stall price at 184 area. Good position for Scout? Not my area of expertise.
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No more JPY high impact releases this week or next week, but there is another GBP high impact release coming up on Friday. Now that the MMs are forcing everyone to trade up here - and they probably whipped it up here to fill orders closing longs and opening shorts, i. e. requiring that longs get suckered in - they will likely milk this for all it is worth. Which means it is not likely to soon reverse. Maybe Friday?
Yes, maybe Friday. But remember too, that if the MMs plan on a reversal move in conjunction with the coming GBP release, they might also plan on a stop hunt of all those that are, and that have been, accumulation right side positions,...... "Liquidity creation", ......or better called creative stealing. So, the price might make a finale move upwards before any bear run for profits gets underway.
And all this is "IF" the MMs decide not to hike it another 100 pips! Have the big bank and hedgie customers done it again,....placed more "close longs/open shorts" orders even higher? And if they have, will the MMs try for it? We can never know how the MMs will manipulate price next, and this is one reason why.
No harm in waiting. No harm in being patient to see if a Classic short setup occurs while price remains in the upper regions of this range.....
FOMC
