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Cedric Thompson, CMT I am a Market Analyst at the Trinidad and Tobago Unit Trust Corporation as well as a member of the MTA. In 2007 I graduated from the University of the West Indies with a Bsc. in Actuarial Science. Special Thanks to my Editor Peter Muldrew. Check out my other articles on :... 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)

    Themes: GBPJPY
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