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GBP/JPY Relinquish Morning Gains
By Benny Nardino | April 28, 2008
GBPJPY maintained its last week’s bullish tone in the European session this morning. The rallies presented trading opportunities.
The move of the day started with a quote of 206.78/80 and quickly 
provided a +100 pips opportunites in less that two hours of trading. After an hour of further consolidation the market rose to a daily high of 208.63.
Downward correction ensued after the 208.63 which retraced back to the 50% level on the Fibonacci retracement before picking up again to near daily high.
The market has since created a double tops. As you could see on the charts it is currently trading within the 38 and 50% levels. How well this could hold from now till the Asian market remains a bit of uncertainty. From my chart above, indicators and trading analyses point south. Click to Enlage.
I wouldn’t be surprise to see a further retracement to the 62% level at 207.45. But if this line is broken we should brace ourselves for the 206.75 by tomorrow.
However, on the 60-mins chart the bullish trend is still intact and very much away from the 20-day moving average. Trade carefully and with caution you will reap well on this pair, that’s my suggestion for now.
Have a great day of trading.
Tags: forex analysis, Forex Tips, Forex Trading, gbp, GBP/JPY Relinquish Morning Gains, GBPJPY, jpy
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April 28th, 2008 at 14:12
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April 28th, 2008 at 14:18
[...] TopForex.info wrote an interesting post today onHere’s a quick excerpt GBP/JPY Relinquish Morning Gains By Benny Nardino GBPJPY maintained its last week’s bullish tone in the European session this morning. The rallies presented trading opportunities. The move of the day started with a quote of 206.78/80 and quickly provided a +100 pips opportunites in less that two hours of trading. After an hour of further consolidation the market rose to a daily high of 208.63. Downward correction ensued after the 208.63 which retraced back to the 50% level on the Fibo [...]
April 29th, 2008 at 10:35
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