Nov 3, 2010

FX Path

FX Path

GBP/JPY - Rises to Resistance Confluence

Posted: 03 Nov 2010 09:53 AM PDT

Price action on GBP/JPY (a daily chart of which is shown) as of Wednesday (11/03/2010) has risen to approach a key resistance confluence. This confluence consists of the important 132.00 support/resistance level and the long-term downtrend resistance line (part of a parallel downtrend channel) extending from the August 2009 high. For more technical analysis on this currency pair, please click here for Wednesday’s (11/03/2010) 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.
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