| GBP/JPY Pullback to Wedge within Downtrend Posted: 30 Aug 2010 09:00 AM PDT  Price action on GBP/JPY (a daily chart of which is shown) as of Monday (8/30/2010) has pulled back up to the lower border of the large rising wedge formation that it broke down last week, before reasserting its bearish stance today. The low that was reached on the wedge breakdown before pullback was in the 128.75 price region, around a 3-month low for the pair. For more technical analysis on this currency pair, please click here for Monday’s (8/30/2010) 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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