Wednesday May 26, 2010 - 21:47:35 GMT
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Fxtimes: Forex Technical Update EUR/USD May Target 1.17
Forex Technical Update
May 26, 2010
GBP/JPY: Adjusting Target
- 15-min: Following up with yesterdayâ€™s GBP/JPY projection, the target needs to be adjusted because a minor cycle low came down to to 129.05 instead of 129.40. The target should be adjusted from 131.20 to near 130.85.
- The European session was indecisive, and the power of the projection is lost through time, so the validity of this outlook is in question. If the RSI here does not break above and forms a double top, we may want to scrap this projection, because GBP/JPY is in a bearish mode in the higher time-frames.
- On the other hand, the market did form an ab=cd retracement in this 15-min chart, and a rally is expected. If momentum picks up in NY session, we may be able to abandon our adjustment, and look for price action for quick reversal signals.
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. FXTimes 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.
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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