Signal for 10/06/2009 for: GBP/JPY

This pair as you may have seen has had a strong rally up since the start of this week. This strong upward trend lets us believe that the previous high formed at 160.45 may be retested.

The levels that I’ll be focusing on today 10.06.09 are as follows:

R3-162.457
R2-160.817
R1-159.863
Pivot Point– 158.223
S1-157.269
S2-155.629
S3-154.675

There is some additional support just above the pivot point around the 158.40 level. This is a good indication that those levels are forming a cluster giving us additional data that support may hold.

Possible scenarios:

1- In case support at this level holds, there will be more room for price to move in the upside direction.
2- Breach of this level may push price further down to major support level that is 157.35.

The level to look for if a buy signal is triggered will be 159.800 for first target and our second target will be at 160.30.

Please note that there is some resistance at around 159.29.

I would personally wait for the London open and see how price reacts with those levels, which are 158.22,158.40 and 159.29.

Happy trading.

Back to: Free Forex Signals Page

Back to: Forex Trading Homepage