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GBP/JPY Blows Out Every Expectation
By Benny Nardino | May 22, 2008
GBP/JPY - created a wonderful ride today. The pounds yen, GBP/JPY presented great easy entries from the early morning setup as highlighted in my earlier post. This pattern usually carry high probability of success if spotted early. Guess what? It did and in fact, it exceeded our expectations by miles.
From the chart here, you could see the exponential rise. We were taken out by our set limit order at set 204.00 . A day like today, you’re seething and want to get greedy by jumpimg right in again. But experience tell me that it is better staying disciplined.
I had an important meeting in the late morning as scheduled only to comeback with the roof taken off by an upward trend. One of our traders jumped back in with 3-lots raking in a further 105 pips. That was great for her confidence. Added to the 82 pips we had in the morning it all makes a great day ticking.
Anyway, we anticipated the GBP.JPY rise to around 204.70 resistance but the market got through the roof and traded to 206.56 resistance. This accounted for some 350 plus trading range - nice.
The rise today was heavily fuelled by the UK macro-economic data. This was also aided when the US Jobless data came in better than expected. See data below:
4:30am GBP Retail Sales m/m -0.2% -0.5% -0.2%
4:30am GBP Business Investment q/q (p) -1.4% 0.4% 1.8%
6:00am GBP CBI Industrial Trends Orders -10 -11 -13
8:30am USD Unemployment Claims 365K 373K 374K
Taking an overview at the current economic climate, any good news on the economic report is highly deserved when one considers the current interest rates and the pound sterlings in recent weeks.
Have a great day.
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2 Responses to “GBP/JPY Blows Out Every Expectation”
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May 22nd, 2008 at 16:40
[...] Original post by Forex Trading | Forex | Forex Blog | Currency Trading [...]
May 24th, 2008 at 13:53
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