Gbp/Jpy is currently caught up by the 122 resistance line and a trend line from early October this year.This, in my opinion is a looming bearish break considering the support at 122 on the daily chart.
Thursday, October 27, 2011
The pound
The pound is tightly consolidated with some pairs and seems to be headed for a break out with risk appetite or the lack of it.The Gbp/Aud is tightly consolidated in the 4hr chart since 13th October with an upper trend line and the 5247 support line.
Gbp/Nzd has a bullish looking wedge formation on the 4hr that is currently bearish on the 50 day moving average.
Gbp/Jpy is currently caught up by the 122 resistance line and a trend line from early October this year.This, in my opinion is a looming bearish break considering the support at 122 on the daily chart.
The Cad/Jpy and Aud/Jpy have also consolidated together with the daily moving averages which means that any decision from the BOJ can spark a mad breakout from this zones.Be sure to be on the right side of the trade.
Good luck trading and make sure you do your won analysis.
Gbp/Jpy is currently caught up by the 122 resistance line and a trend line from early October this year.This, in my opinion is a looming bearish break considering the support at 122 on the daily chart.
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