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I am currently working as a Currency Strategist at the Trinidad and Tobago Unit Trust Corporation with responsibility over the TTUTC Global Bond Fund. I was previously responsible for the TTUTC Universal Retirement Fund. I am a graduate from the University of the West Indies with a Bsc. in... More
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  • GBPJPY Intraday Analysis 0 comments
    Apr 14, 2014 9:04 AM

    GBPJPY seems to be facing another set of level of resistance. After facing resistance at the 171 price level, GBPJPY corrected lower, to the 169.53 price level, a 0.86% decline. From there GBPJPY attempted to break above the 50% Fibonacci retracement of the previous decline and failed. GBPJPY then retested the support zone, which held. GBPJPY is again attempting to retest this resistance level.

    Given the Fibonacci retracement, the price resistance as well as the current level of the Commodity Channel Index, expectations are for the 170.25 price level to and GBPJPY to retest the 169.6 level. Traders should use this opportunity to short GBPJPY at 170.25 with a stop at 170.65 ( a little above 76.4% Fibonacci retracement level) and a target of 169.54, a reward risk ratio of 1.83

    (click to enlarge)

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