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GBP/JPY finally about to break range?

GBP/JPY finally about to break range?

James Stanley, Senior Strategist

GBP/JPY has been in a declining range since around the second week of September. Price seems to be oscillating within the central part of that range over the past couple of days.I added 'zones' with which I'm looking at on GBP/JPY right now. The red zone is an area in which I'd be looking to open a short position - so at or above the region of ~132.50.The blue zone is the 'support zone,' for the range, and given the previous trend direction - I wouldnotbe looking to open long positions in any instance.However - if price action breaks 129.50 with strength (to the downside) I may look at opening, adding to, or re-establishing a short position in the pair.

1-26-2011_body_Picture_2.png, GBP/JPY finally about to break range?

In the DailyFX+ Trading Course – we talk about range-based strategies much like what I had outlined above. The DailyFX+ Trading Course is completely free of charge for all live clients of FXCM.

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If you have any questions about this setup, DailyFX, or the DailyFX+ Trading Course – please don’t hesitate to let me know at Instructor@DailyFX.com.

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

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