ChaosTrader63
Long

GBP vs JPY Long Outlook on Yen Weakness 9-11-13

FX:GBPJPY   British Pound/Japanese Yen
272 4 1
In this corner we have GBP vs JPY! There are many fundamental reason for JPY weakness but I am going to focus on the technicalities for now. The GBP has been strong versus the yen and this is apparent with the steady rise of the pair since Jan 2012 pushing from the low of 118.91 to the recent high of 158.526 of this current daily candle. It's worth noting that the move upwards is coming off the all time low level for the pair. So you can see the steady weakness of the Yen.
The pair broke a resistance level @ 156.587 yesterday 9-10-13 and should push forward towards the weekly resistance level at 162.689
I'm looking on the 4 hour time frame for a pullback closer to the 156.587 level to enter a trade and ride the Yen weakness to the weekly resistance level @ 162.689
motleifaul
3 years ago
But let's wait for a retracement first. The sideward range lasted to long as that it could be broken at once.
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motleifaul
3 years ago
Now I will follow your idea at 152,64.
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