| GBP/JPY - Hits Top of Parallel Downtrend Channel Posted: 17 Sep 2010 09:20 AM PDT  Price action on GBP/JPY (a daily chart of which is shown) as of Friday (9/17/2010) has retraced back up to the top resistance border of a key parallel downtrend channel extending back to the 2009 high, on the heels of this week's yen intervention. This bullish retracement occurs after price was displaying bearishness off a breakdown below a rising wedge pattern within the downtrend. For more technical analysis on this currency pair, please click here for Friday’s (9/17/2010) 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.
|
No comments:
Post a Comment