GBPJPY: Trade Setup

Friday, November 15, 20130 comments


The T1 is slightly above the previous high at 38.2 and T2, if it comes to that, is right on the 61.8 and DE=BC. Before GJ dives back we will se a CZ around point.  However, the possibility of GJ rally to August 2009 double top at 162.5 is present. That dollar-yen’s break above the ¥100 level had now satisfied the desired ranges set by three senior Japanese monetary-policy officials back in January. The 1-2-3 pattern strategy works by identifying areas of support and resistance that are formed as the market is trending and trades are entered on the break of these support or resistance levels.
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