GBPUSD advances on better retail sales. USDJPY continues advance higher

Written February 17, 2012 at 8:12 AM EST by  

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Categories: Forex Trading, FXDD Today  |  

2 Responses to “GBPUSD advances on better retail sales. USDJPY continues advance higher”

  1. Mohammad on February 17th, 2012 10:24 am

    Thank you Grage for the trade commenters, I am still in USDJPY trade , thank you for that.
    I do have question
    Do I have to take me profit befor the day end? Or should I stay in tadre over night?

    Thank you againe
    Regards
    Al falasi

  2. Greg Michalowski on February 17th, 2012 10:50 am

    There is resistance at the 79.52-63 level. The high today reached 79.39 so far today This is the high from end of October and the 38.2% of the move down from the 2011 high. I would expect profit taking against the level on the first test. If I were long from below and intent on monitoring the market actively, I would take profit against a stop above. Then look to reestablish below. I would do that with the intent to buy again if the price does not correct down but breaks above the 79.63 level. A break above would likely trigger stops and further upside. I would want to sell as close to that high as I could.

    ON the downside, I would not expect much in the way of fundamental influence that might hurt the downside over the weekend but you never know. Intraday there is support at the 79.23 which is the 38.2% of the last move higher today (from 78.97 to 79.39). Holding that is positive and bullish. A break below .should solicit more weekend covering which should see the price test the 100 bar MA and highs from earlier in the day at the 79.13 area. A move below this level willl not be welcomed by traders.

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