Signal for 16/06/2009 for: GBP/JPYRecap of yesterday's events: Ok let’s have a quick recap of yesterday’s events…Price did not head up yesterday; instead it went down by a whopping 300 pips from the time price opened. Well this is a common occurrence for the GBP/JPY. I did post an update following the move down just before the European open stating that the market could head down once price breaks the 160.55 level. The market did just that; price retraced some 70 pips before heading down by more than 200 pips hitting the desired profit level. To tell you the truth I got stopped out in that pair I had a 70 pips stop and got stopped out right at the 70 pips mark before it turned and plunged all the way down. I did enter the market a bit too early and did not wait for the retest, I should know better by now (Am still kicking myself but you never stop learning). Today's Signals: Ok the events of yesterday shows that we may expect a bearish market this week, so I will be looking for sell signals only today.If there are any changes I will definitely provide an update. Our levels of concern for today 16.06.09 are as follows: R3-164.288 Possible Scenarios: Market may be a bit slow today as we are expecting important news announcements from both Japan and the UK. I personally am not a news trader but am cautious especially when the News is of high importance. I will be looking for only sell signals today. Market went down by over 200 pips already since its open this morning (Alpari GMT+2). We have big support at 157.100 as there is heavy cluster formation around this region. Just above at 158.40 we have what appears to be a good resistance level. At this rate, I expect the market to retrace to the 158.40 level and trade between the 158.80 to 157.100 range for now until any news announcements. A break of 157.100 level after news announcement may imply that market will head down to the only profit target of the day which is at 155.40. (Note that there is another support at 154.11 that may be a good 2nd profit target). P.S – Wait for news announcement before placing any trade. Give a good half an hour after the announcement and start looking for trades then. P.S.S- before taking a trade wait for a retest of those important levels I have outlined. I use a 20 EMA, 50 SMA, 200 SMA and two 5 Smoothed MA with one high and the other low. If you have your own trading style stick to it and just use those levels as a reference. Happy Trading. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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