Thursday, October 29, 2009

38.2% Target Reached, 50% Next

From last post, GBP/JPY finally reached target at 148.06 (38.2% retracement) after 3 days. It crossed above initial SL actually but remained below the neckline. The pair bounced after slightly breached the 38.2% level as high as 149.29 now and touched the falling trendline. I shorted the pair at 149.17 targeting the 50% level at 146.46. Notice that that level set near 38.2% level of 118.8 to 163.06. I put my initial stop loss around 149.7.

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