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Forex Trading: GBPJPY supported by the breakout level

Posted by Greg Michalowski on Tue, 05/20/2008 - 11:27am in

The GBPJPY broke through the 100 hour moving average and the trendline starting at the May 14th high at the 203.81 level.  The momentum pushed the pair up to a 204.75 high for the day.  There is resistance at 205.00 level where tops from the 14th and 15th of May were made.  The 203.81 level will be looked at for support.