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After a wild past few weeks, the GBP/JPY pair is beginning to settle back down. While most of the traders I know will agree with me that the dive is over and it’s time for the GBP/JPY pair to do what it normally does (go up) there are still reservations on opening long positions at this level. Who wouldnt be scared of having another 900 pip drop while they’re sleeping?

Personally, Im waiting for it to dip back to 224.50-225.00 level before opening a long-term carry trade.

Just speculation at this point, informed nonetheless, but that’s what forex is, informed speculation.

Some people will probably ask for indicators, charts, numbers to support my speculation, but all that’s all academic at this point, I’d rather trust the opinions of traders I know and my personal analysis on the matter as opposed to synthetic charts which may or may not fit a pattern that’s there or not.

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