Monday, October 19, 2009

GBP/JPY: Wait For Breakout

Above are GBP/JPY H4 and H1 chart respectively. The pair opened below H1 trendline just now after consolidation on Friday. Hourly trend is up, and a further retracement from Friday's high (149.27) can't be ruled out. Another possible scenario is to make a higher high to test the broken neckline on daily chart (around 150.80) before testing the 146.72 support. Well, nothing much I can say. Break of 149.27 or 146.72 would give a clearer view. I just hope it will happen soon. The longer I wait, the more likely I snap and flip a coin for long or short! ;p

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