With President Biden coming out saying everything will be fine, the bulls took over GBPJPY from 160 to 162.80, for a moment breaking the 61.8% retracement of the main leg (check mark).
Now, how do we assess the trends? As far as the main leg (check mark) is concerned, the one that started from last Friday, bearishness is still intact as long as bulls don’t break 162.80 (the dot) and stay above that. Otherwise, that trend is invalidated.
As for the smaller leg (X mark) that we have yesterday, it has been invalidated since last night.
I tried taking some shorts but I end up with losses.
UK’s Claimant Count is coming out at 3pm (GMT+8) today. I might just stay out for the time being. Movements recently has become more Market-Wide than Country-Centric. UK data today will cause a Country-Centric move but Market-Wide action may eventually take over.
GBPJPY, 2023-03-14, Asian Session by traderh on TradingView.com