GBP/JPY returns above 130,00

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GBP/JPY stabilized above 76.4% Tammy Wally
14 October 2010 Print this article

GBP/JPY stabilized above 76.4% correction shown above once again, yet is providing clear negative Stochastic signals.If we assess the pair's general movement, the pair stabilized within the descending (lyrics) minor channel and declined two gain momentum bullish once again before returning to the upside.Stability above 130.45-130.50 will be enough to take the higher pair to test the 50 MA and the main resistance for a downside move.

(A) buying points is @ 130.50 Based on break of a previous resistance, previous high price is the take profit to 131.10 and the previous support is the stop loss to 129.90

(A) the selling points is @ 129.75 based on Fibonacci 32.8%;last low price is the take profit to 128.95;Fibonacci 62.8% is the stop loss to 130.30

* Analysis is for information purposes only and does not constitute advice in any form.Trading in financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment.

City Finotec's professional analyst,

dealingdesk@finotec.com

Finotec Analysis Team
14 October 2010
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