If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reaction to the orange support lines. Key will be a move above 154.40.
Wednesday, July 22, 2009
GBPJPY going into London
I'm seeing heavy support on the GBPJPY, just above the 153. I think if there is a break below 153, it will carry down to another heavy support level at 152.40. So there would be a possibility to take 50 pips. Next support levels below that are 152 and 1.5138. Cable has already made a move down. Need it to continue into London for move down on GBPJPY to happen. USDJPY will need to also break down.
If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reaction to the orange support lines. Key will be a move above 154.40.
If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reaction to the orange support lines. Key will be a move above 154.40.
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