Tuesday March 9, 2010 - 20:00:17 GMT
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FXTimes: Daily Technical Update Stalking GBP/JPY
- Daily and 4H: We saw the GBP/JPY end last week
with a bullish attempt, within a declining channel. This is a
counter-trend rally, and a trading approach is to stalk the rally until
it has completed the correction. (Refer to Weekly Technical Update 3.5.2010; last pair)
- The rally reversed at 137.50 area and is now testing 134.0, previous resistance now tested as support.
- I have a feeling there could be another rally attempt if 134.0 indeed holds.
- Then at the 136.13 are the truth would be told. A break above
suggests a swing projection towards 138 and possibly the 138.80 area.
- If it holds, the market will be in a congestion pattern (triangle).
Commodity Trading Advisor
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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