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GBP/JPY, Quick-Profit Bullish Setup
By Benny Nardino | May 22, 2008
GBP/JPY has a bullish cup and handle pattern formation in the making on the 20-day and we anticipate a to rise to the 200-day or above in this morning trading session.
This morning we took a 5-lot entry at 203.18. At the moment, the moving average resistances have been broken as you could see on the chart above. We are on course to our profit taking zone of 209.93 which is our targetted 61.8% resistance on the Fibonacci pivot. Our limit order is set to 204.00 in case the fluidity continues thus locking in a few more pips. With the current market position lies a few pips off our target we are quietly confident. Hopefully it won’t be for long.
However, we are on the lookout for a possible 204.25/60 resistance, we are unlikely to wait that long before profit taking because we anticipate consolidation before then.
Have a great day of trading.
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May 22nd, 2008 at 5:34
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May 22nd, 2008 at 11:36
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