We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
LONG GBP/JPY @133.80

LONG GBP/JPY @133.80

2010-03-05 11:01:00
Joel Kruger, Technical Strategist
Share:

Very tough to ignore a currency that has been so beaten down and that pays a nice positive carry. The cross has dropped sharply by more than 10 big figures over the past 2 weeks and with daily studies so overextended, we like the idea of our newly established long position following the break back above Tuesday’s high. The break above Tuesday’s high marks an end to a series of 9 consecutive daily lower highs, and 9 consecutive negative closes. The drop of 9 days also coincided with a fibonacci time sequence that would also suggest that the market pullback has stalled for now. POSITION: LONG @133.80 FOR AN OPEN OBJECTIVE; STOP 131.80.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.