Jun 16, 2010

FX Path

FX Path

GBP/JPY - Following Bullish Correction

Posted: 16 Jun 2010 11:31 AM PDT

Price action on GBP/JPY, a daily chart of which is shown, has been following an uptrend support line extending from the 15-month low hit in late May. This uptrend line represents a bullish correction within the context of a strong downtrend channel that began in August 2009. For more technical analysis on this currency pair, please click here for Wednesday’s (6/16/2010) 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.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

 
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