Thursday, October 11, 2012

GBPJPY Short Trade Idea

Pair GBPJPY is about to break the ascending channel which has constrained its price since last week of July-12. GBPJPY H4
Basically, its 200MA which has pushed the price down .On previous many occasions, 200MA has provided resistance/support. Recently price has tested 200MA twice and both the times it was pushed down. 

Instead of waiting for a third test to go short, I will short any bounces in prices. I am planning to go short around area 125.10/25/30 witha stop above 100MA.

Updated: On H4 chart, area around 126.20 is providing resistance. This area is resistance-turned-support. GBPJPY H4

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