GBPJPY - same sell setup as EURJPYBRITISH POUND / JAPANESE YENFX_IDC:GBPJPYprofxedgeIs it even possible to set out an operation with a 1:35 risk to reward? Sounds crazy right? Well probably it is.. However: 1. we don't need to keep the operation open for so long 2. we can after a while reduce the risk to zero by bringing the position to break even. 3. we can open two different positions, one which we will close after our 4hr target is met and the other one to be left in break even. So here we go. As GNPJPY is still correcting inside of the range of the downwards impulse occurred between July 11 and August 5 2024 (first light blue arrow), if the third upside leg of the correction (2nd dark blue arrow) is over time wise and length wise, then we could be heading for another impulse to the downside to complete the weekly correction that began the previous year. That said, this would be the first potential setup. Levels on the chart. Trade with care.