Forex News: Quiet opening to the night session.

With no economic releases on tap for this evenings trade, the market is off to a quite opening.  When this is the case, it make sense to prepare for the next trade. 

One pair which will be watched is GBPJPY.  The pair moved sharply higher last week but sold off sharply after the BOE mortgage rescue package disappointed today.  The correction moved the pair below the 38.2% retracement level of the move from the April 14th low to the April 18th high (at 204.83).  The target correction is now the 50% retracement level at the 203.54. 

It will take some selling to get down there - especially with the quiet market - but it is best to be prepared, then not.  Plus, intraday traders will often use the 203.54 area as stop loss level rather than the entry level.  As a result, support buyers will be anxious to buy 25 to 30 pips from the stop level.  That makes a level like 203.80 as a entry level for a patient buyer.