Signal for 14/07/2009 for: GBP/JPYRecap of last week's events: We had a great week on GBP/JPY last week. I love this pair due to its volatility and it’s not unusual to make on average of 250 pips a week trading this pair. RESULTS: Profit +325 pips Net Total +255 pips Today's Signals: Our levels of concern for today 14.07.09 are as follows: R3-156.001 Possible Scenarios: This pair too has been experiencing an up and down price movement since last week. Today’s session favors an upward movement, thus we will wait for London open before taking any trades. Buy Signal: I feel that market may reach 153.20 today, however this is purely speculative at this moment. A buy on this pair too will be tricky as we have some good support above our pivot point for the day. I expect market to retrace between 150.60 and 149.85 by London open. If that is the case, I will wait for a break of 150.60 before looking for a valid buy entry. If a good set up presents itself, my first target will be set at 152.65. We will encounter some resistance on the way up more precisely around 151.22 and 151.90. Thus proper money management and profit taking will be required to maximize gain. Note: if the 154.10 level is broken today we may see price head further up. My target from there if a valid buy entry is triggered is set at 156.10. We may encounter some resistance at 149.90 and 155.50. If you are taking those trades may sure you take profit accordingly or to your own discretion. PS – Make sure that entry rules are obeyed before jumping into a trade. Sell Signal: I do not believe any sell signals will be triggered today as we seem to be trending strongly upwards. Please do not forget your money management/stop loss rules to protect your profit. Happy trading. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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