Signal for 15/07/2009 for: GBP/JPY

Recap of yesterday's events:

Well this pair traded in a tight range yesterday, failing to reach our desired levels. The confirmation level at 150.60 was already taken out well before London open. However the analysis was right and price did move up testing all the levels of yesterday’s session.

Market didn’t quite reach the 153.20 level in yesterday’s session but did come close to it after US close. We could have made a 55 pips profit at least after the London open but I have to admit it was quite tricky.

I still feel market will head up today so I will be looking for only buy set-ups at this point.

Today's Signals:

Our levels of concern for today 15.07.09 are as follows:

R3-154.551
R2-153.483
R1-152.699
Pivot Point– 151.631
S1-150.847
S2-149.779
S3-148.995

Possible Scenarios:

Today’s session favors an upward movement, so we will have to wait for London open before taking any trades.

Buy Signal:

We have heavy support at 151.80 and 152.39 at this point in time. I feel that market may retrace back before heading up. The level of concern here is the 153.00 level. If by London open this level is breached, we may see price head all the way up to 153.84, my first profit target will then be set at this level where I will exit my entire position

We will encounter some heavy resistance on the way up at 153.54 level so proper money management is required. We have some heavy resistance at the 154.10 level, if market is strong enough and takes out that level this will give us an indication that price wants to move higher up, if this level is not broken, well price may reverse for the day.

Thus ill be looking for a valid entry signal after the breach of 154.10 level with profit target set at 154.96. Due care will be taken here as we have some good cluster formation all the way up today as market seems to be quite overbought.

PS – Make sure that entry rules are obeyed before jumping into a trade.

Sell Signal:

No sell signals for today as I believe we have a good move to the upside today.

Please remember that proper money management is crucial to protect your profit.

Happy trading.

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