Another crazy day for GJ which has become quite normal for this pair. As can be seen from the chart, a break down into the very strong support area at 145.7 provided a good chance to exit shorts for me and those who take signals from me. A pin bar on the hourly and with low volume suggested that the selling interest was low. A break of strong resistance at 146.88 suggested the trigger for longs for the ride upto yesterday high and another strong resistance to 149.2.
Todays move was a surprise to me as i did not expect price to go up. But the fact that i am not a swing trader helped me and i was able to move in and out of trades based purely on price action.
As i write, GJ is trying to break its good support at 148.4. I expect ranging to continue with bias towards the upside. But this is not the time for swing trades. Just trade the PA and simply run with whatever profits that you can get.
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