Forex Technical Update June 15, 2010 GBP/JPY in a Squeeze
- 4H and 1H: Following up with the previous GBP/JPY post, which had a gartley anticipated to complete near 140.00, the GBP/JPY continue to decline in the Asian and European session. This decline brought the market to 61.8% retracement before bouncing back up. 4H chart shows the swing projetion towards 139.30. (this projection truncated a tail from the first swing, or it would project to 140.
- The 1H chart shows the momentum staying bullish, and a counter trend resistance being tested. It also bounced off a rising channel support.
- 4H and 1H: The 15-min chart shows the market in a squeeze, but appears to be trying to break above. 136 is the near-term support if the market does breakout above the current resistance.
- The RSI in the 15-min should be above 60. At the moment, the market does not seem ready for a bullish push. A break below targets the 131 support.
Fan Yang Currency Analyst Commodity Trading Advisor
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