Gbp/Jpy trading near hourly support
Written April 8, 2010 at 12:52 AM EST by Vincent Facchino
To revisit an hourly chart posted a couple of days ago, Gbp/Jpy is trading just above 141.70-80, which was cited here as being a strong level of support. The 200 hour M/A comes in at 141.81 to lend support to a level which has seen numerous hourly lows dating back to March 31. I left up the Fibo Retracement that had been used in my original post. If the pair breaks below look for a move down to 140.50-60. If it starts to retrace once again it should run into resistance at 143.00-10, which is where the 38.2% fibo lies.
This was the view from the morning of April 6.
Categories: Forex Trading | Tags: GBP/JPY
(Aug 30, 2010)
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