Tuesday, March 16, 2010

GBP/JPY at 61.8% Retracement, Buy Signal

So the pair fail to break 137.80 and reach 61.8% retracement (135.50) near the support trendline. There are no signs of reversing yet but I already put my buy limit order :P Nevertheless, it seems like a good price to enter long. My stop loss is below 134.90. The target should be the resistance trendline again near 137.80 but I'm only going to take 40-50 pips.

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