Tuesday March 30, 2010 - 19:31:36 GMT
Share This Story
FXTimes - www.fxtimes.com
FXTimes: Daily Technical Update GBP/JPY: Short-term Bullish Outlook Confirmed
GBP/JPY: Short-term Bullish Outlook Confirmed
- 4H: In the last post, I was monitoring the 138.00
area and the rising support. A break below would keep our failing
bearish outlook. (Refer to Daily Technical Update 3.29.2010 GBP/JPY).
- Instead the market tested the support during the Asian session, and
continued to rally into the European session. We also broke above
previous high near 139.00.
- Daily: The short-term swing projection brings the
market back to up to the 142.00 area. Just below that is the 78.6%
retracement at the 141.20 level.
- If the market truly closes above 138.30/40, the bullish outlook is confirmed.
- In the daily chart we have short-term bullish momentum challenging the intermediate term mode, which is bearish.
- In the last year, we saw the GBP/JPY market top off near 163.00. It
ranged from 163 to 148. Then broke that range on the downside. Then it
started ranging between 140 and 152.
- Then the market broke below 140.
- If the market follows the same dynamics it may spend some time between 132.00 and 144.00.
- All in all, the GBP/JPY continues to be choppy, and is entering a consolidation period.
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
any trade recommendation provided by CMS or any of its solicitors.
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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."