Possible entry on GBP/JPY

Posted on 20. Apr, 2009 by Jakob in Forex Signals

If you take a look at the chart below (press picture), you will see that the pair GBP/JPY has been trading in a range within the last couple of days. At the top there is some resistance at 151.52 and at the buttom we have support at 145.76. This support line has been tested several times, and finally it was broken last night. Since this support has been tested so many time, I would have entered at a break, and close of the one hour candle below this line, but at I was a sleep at this time, unfortunately that didn’t happen. If you did enter, you should be doing pretty good right now. However, I will keep an eye open on this pair, and if we do see some retracement back to the support line at 145.76, I will most likely go short. This support line, should now work as heave resistance, so a bounce of that line is very likely. However, as always be aware of upcoming news, currency correlation, and the power of the pair. If the pair is going back to 145.76 within a very short time, I will be more careful, but overall I find this to be a perfect spot for a short entry. Let’s see what happens.

Tags: My signal

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Possible entry on GBP/JPY

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