Tuesday, March 12, 2013

GBPJPY Price Action: Fakey with Pin Trade Setup 13/03/2013

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The pair as analyzed at the start of the week is in a very dominant bullish run. Today's setup (A fakey with Pin off dynamic support) has the potential to send prices higher, but just above, at about 144.30, is a significant resistance. If price manages to break above it, it should then aim 147.90.

My Recommendation: I would rather go long on this setup.

2 comments:

Emmy said...

On point analysis Chris. I am of the opinion that the 147.X0 resistance will be broken with this run, just my thought anyways. Am hoping for a R:2R reward if 144.00 is broken to the upside. Cheers bro

Ahize said...

Cheers too.