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Forex Trading: Update on GBP/JPY Hitting New Lows

Posted by Basil Fayad on Thu, 09/04/2008 - 3:47pm in

 

I just wanted to re-post my chart from earlier (see post) on GBP/JPY and add that this couldn't be a more textbook definition of breaking support on the daily.  Right now the pair is trading  at the 189.45 level, and the 10 and 21 day MA's have broken through the 100 and 200 day MA's.  AS far as a clear reversal of the longstanding uptrend I believe we could use this as confirmation.  This post is the current chart with a larger picture available by clicking on the chart.

 

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