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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.
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5 Responses to “GBP/JPY Relinquish Morning Gains”
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April 28th, 2008 at 14:12
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April 28th, 2008 at 14:18
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