Monday March 29, 2010 - 17:26:56 GMT
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FXTimes: Daiy Technical Update GBP/JPY: Stalking Bullish Attempt
GBP/JPY: Stalking Bullish Attempt
- 4H: I have been stalking GBP/JPY as it rallied
last week and to start this week to pare 100% of the previous downswing
that suggested a bearish outlook in the short-intermediate term. (Refer
to Weekly Technical Update 3.26.2010).
Shown above are 2 methods of drawing a trendline. Either way, if the
market breaks below these trendlines near the 138.00 level, we may be
finished with the bullish attempt that started last week.
- Basically, the bearish outlook towards 128.00 should be held off to monitor choppy ranging action.
- Daily: The daily time-frame shows the market testing the previous high near 139.30.
- The stochastic is showing an increase in bullish momentum. There is
a bearish suggestion here if the market does not break above 139.30
before the stochastic crosses back under.
- So as we saw in the 4H chart, if the market breaks 138.00, and
establishes a lower pivot below that, we may have a move to the 135.30
short-term support area.
- If the market does close above 139.30, a swing projection suggests
a short-term bullish attempt towards 141/141.50, the 78.6% retracement
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
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Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
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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