Spot a good signal to buy GBPJPY at 150.80 at 0800est. Potential profit for 194pips at 152.74. Stop loss is now set at breakeven to prevent a winning trade turning into a lossing trade.

Price had been congesting since 16 Oct. Today we saw a break of the weekly high. There is a strong resistance between 151.46 to 151.56 level, monthly and weekly pivots respectively. Although its a good signal for long but we still have to monitor the trade closely for sudden reversal if this pivots level hold. If this level give way, we will have a good shot for 152.74 target.