Published on FXDD (http://forex.fxdd.com)
Forex Trading: GBPJPY holds support at 203.51 to 203.54 area
By Greg Michalowski
Created Apr 21 2008 - 10:19pm

 

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 [1]).  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.

 


Source URL: http://forex.fxdd.com/trading-news/3538/forex-trading%3A-gbpjpy-holds-support-203.51-203.54-area

Links:
[1] http://forex.fxdd.com/trading-news/3534/forex-news:-quiet-opening-night-session.