Attached is the hourly chart for GBPJPY as requested by one of our beloved readers. We have 2 control bars on the hourly chart with basically similar highs and lows. So, consdering both the bars , i have marked off the high and low. You can see clearly that so far, despite deveral attempts, there has not been an hourly close above the high of the control bars and it has acted as good resistance.
The pound is proving to be a stubborn customer in all its crosses and has been pretty range. I expect GBPJPY to go down and so would be looking to short with a SL above 127.9. Why 127.90? Thats where the high of the daily control bar resides. As you know, the daily is usually more powerful than the hourly and thats why the SL is above 127.90.
