| GBP/JPY - Bullish Break Posted: 10 Nov 2010 11:07 AM PST  Price action on GBP/JPY (a daily chart of which is shown) as of Wednesday (11/10/2010) has tentatively broken out above a key parallel downtrend channel that has been in place since the 2009 highs that were hit in August 2009 around the 163.00 price region. In breaking out above the current channel, price has also tentatively broken out above the key 132.00 resistance and established a new one-month high. For more technical analysis on this currency pair, please click here for Wednesday’s (11/10/2010) Chart of the Day.
James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
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* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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