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Forex Trading: GBPJPY holds support at 203.51 to 203.54 area

Posted by Greg Michalowski on Mon, 04/21/2008 - 9:19pm in

 

The market took two stabs at the support from the 50% retracement and the 100 bar moving average at 203.51 (see previous post from earlier outlining these support levels).  The low print was 203.40 bid, but it quickly bounced back above the level on profit takers.  This was a good level for the market to stop.  Much depends on the equity markets going forward, so the level may eventually give way. However, so far, so good.

 

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