As shown in the accompanying Daily chart of GBPJPY we see Inside Bar formation. Breaking out from Inside Bar in any direction gives opportunity for a sizeable move.

GBPJPYDaily2401c
Looking on chart to the left at that what has happened in the last week, we see 5 bullish candles and only one bearish. The probability of bullish breakout is bigger than a bearish one.
Its worth considering going Long after a breakout and retest of the upper limit of the IBar 142.19 or in case a bearish option would occur go Short after retest of the bottom of IBar as a resistance at 140.36

GBPJPYH42401c

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Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.