GBP/JPY surge about a hundred pips as the British Pound gains against the weak Dollar. I added a trendline for GBP/JPY and find that it is now testing the resistance. I still hold my short position for another test to support.
Thursday, September 10, 2009
Sellers, Hold Your Ground!
GBP/JPY surge about a hundred pips as the British Pound gains against the weak Dollar. I added a trendline for GBP/JPY and find that it is now testing the resistance. I still hold my short position for another test to support.
Expect A Breakout Today!
USD/JPY H4 Chart
GBP/USD H4 Chart
GBP/JPY H4 Chart
The British Pound/Yen is still in consolidation yesterday. Weak Dollar push Cable to 50% Fibonacci retracement level of 1.7042 to 1.6113 and sent USD/JPY to its support, while GBP/JPY stucked in tightening range. GBP/JPY kept on making lower highs and higher lows and form a symmetrical triangle pattern, which should breakout soon.
Furthermore, USD/JPY could continue it bearish movement after breaking 92.05 support. Cable could also fall today as long it doesn't break 50% Fibonacci resistance (1.6577). I already have a few shorts on GBP/JPY, so I really really reaallyyy hope that the pair will fall down today. My first target is 150.83 support (Friday's low) and 149.36 next. Wish me luck! And happy trading :)
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