GBP/JPY finally about to break range?
26 Jan 2011 18:28, GMTGBP/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.
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