« DailyFX Forex Radio - US Dollar Gains Amidst Credit and Liquidity Concerns, Carry Trades Plunge | Home | DailyFX Forex Radio - US Dollar Gains Footing With the Help of Retail Sales, Market Stabilization »
GBP/JPY - Bulls or Bears, Who Has It?
By Eliseo Agas | August 13, 2007
For short to intermediate term traders the big question is, is it time to buy/sell GBPJPY? No one seems to have a confident opinion at this point.
This uncertainty is playing out on the daily chart as we speak. As expected, the chart doesn’t seem to indicate one way or another which way traders are leaning. The attached chart image points out levels being broken that seem to indicate expanding volatility and illustrates the ongoing confusion traders are experiencing.
As of today it seems that the bears may have the edge. But it’s questionable as to how much committment they have in pushing this pair much further down.
When you see this sort of indecision playing out on the daily chart it’s best to stay away and let the professionals battle it out until one side clearly wins.
Tags: dollar, forex, forex news, forex trading
Topics: Better Use Charts - Use Charts Better |
August 13th, 2007 at 2:50 pm
[…] during this subprime mess. All of the high yielders have taken turns falling against the yen. Technical analysis points to now being the turning point for GBP/JPY. But while the carry trade unwind is driving this growth in the yen, economic data in […]
August 15th, 2007 at 7:38 am
[…] GBP/JPY - Bulls or Bears, Who Has It? […]
August 16th, 2007 at 10:32 am
[…] and into this morning. The same action played out across most of the other JPY pairs. I noted in my previous post that waiting for the market to choose a direction before doing anything with this pair was the way […]
August 16th, 2007 at 11:13 am
[…] and into this morning. The same action played out across most of the other JPY pairs. I noted in my previous post that waiting for the market to choose a direction before doing anything with this pair was the way […]