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Forex Trading: GBP-JPY Today

By Benny Nardino | February 15, 2008

GBP/JPY at critical point 212.00/50 where upward extention towards 219/220 or breakdown towards 209.75/210 could occur. Like most things in life the certainty cannot be guaranteed and this is why forex trading thrives on the of the risk/reward uncertainty presents.

At this critical point the opposite is also true. There’s room for a possible breakdown on this support level. Looking at the indicators, my take is a downward bias.

On the 4hr-chart though not very obvious yet, the formation is beginning to look like a head and shoulders forming but too early to call. If what I’m seeing is right, we could see a possible 209.75/210.70 today or this prospect in the coming days of trading. The possible bounce/breakdown on the 212.00/38 trendline today looks a certainty. We see how it goes.

Have a great day and happy trading

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