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Forex Trading: GBPJPY longer term chart...

Posted by Greg Michalowski on Mon, 04/07/2008 - 8:15am in

GBPJPY

Following up on the EURJPY with the GBPJPY. Off the daily, there is a trendline resistance which the market is approaching (this was brought up last week in our posts as well). Connecting the highs starting on November 1st 2007, the trendline comes in at 204.80 today. Each day the decay ia around 27 pips (i.e. tomorrow it will be 204.53).

There seems to be an underlying bid in the Yen pairs. A good test will most likely occur over the next few days (if not sooner).