GBP/JPY trade

I'll shift my focus away from correlated hedge for a moment, EUR/CHF is too boring to watch. I'll try this one:



Long GBP/JPY at 239.62 + 9pips spread, TP set at the upper trendline (orange line above), SL at today's lowest low minus 10 pips.

Reasons:
- Formed a pin bar (3rd bar from the right).
- Bounce off lower trendline.
- Bounce off 76.4 fib of August 1 low to August 2 high.
- Stoch & CCI crossed up.
- ADX bear momentum decreases.

This directional trade is for Volker account.