Sunday, September 13, 2009

Look For 149.40 Area

Above are British Pound/Yen 4 hour chart. The pair finally drop to 150.83 support on Friday after a breakout of its ascending triangle pattern, following a drop in dollar/yen. I'm relief that I have closed all my positions. However, I'm still looking for shorting the pair at resistance next week. The bear still in favor after it failed to take 153.3 resistance. Another support below 150.83 is around 149.4 area. Based on AB=CD projection, 146 area could also be a good target, which is near 38.2% Fibonacci retracement level. Have a nice weekend :)

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