Wednesday, September 16, 2009

1st Target Reached, 146 Next

Above is GBP/JPY 4 hour chart. The pound lose further since my last post and reached 1st target at 149.4 area, 149.44 to be precise. The bearish movement could continue today following the trendline break (see chart). However, the pair must close below 149.40 support first. Furthermore, 161.8% extension of the last movement (1-2-3) is near the second target mentioned in previous post, which is around 146. See the screenshot for support levels. Happy trading :)

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