Bank of Japan  adopted negative rates in order to hit its 2% CPI Target.  Price has retrace from the high of 174.172 just below weekly R2 @ 174.2730

You will see a red arrow it marks WR1 171.8140

GBPJPY 29th Jan 16looking at my charts while writing this  post,

I am  fully a where it is that last day of the month,  and in the back of my mind is, we may get a pike higher in the price action once New York opens, which is what i expect to happens. After that  some traders may be thinking about taking profit, so we could see by the close of New York  price has retraced lower??.  (Because If they do take profit then they are entering a sell order

GBPJPY 4hr chart 29th Jan

I am looking at WR1 171.8140 has support right now I am bull on this currency pair so i will be looking to buy at 171.8140 if i see price going my way

If you want to sell this pair then i would look at WR2 174.2730 has resistance .

Pick your bias and trade you plan

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