Release： 03/27/2020 00:19

Update： 04/08/2021 02:35

Series

A full-time currency trader cat explains pound-yen trades and the mind philosophy in the market.

FX dedicated trader cat Pound-Yen trade commentary 0327

This is the GBP/JPY for March 27.

As expected, there was turbulent movement near the daily middle band. After forming a long upper shadow, it retraced completely.

It has crossed above the middle band, but it is still trending downward.

If you are entering at a chart point, it is important to wait until it breaks through.

If so, this could be an ideal selling area for a breakout, so you should refrain from easy buying.

This is the 4-hour chart.

Middle band is turning up; RSI above 50 suggests a bullish tone, but

the opposite band is closing, and the upper band is also closing, reducing momentum. In this state, at least buying is risky.

The key moment is whether it goes up or down.

Wait until the bullish/bearish contest is decided.

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