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  • Opinions - Not Facts

    This blog consists of contributions from FXCM staff, executives and people that have a relationship with FXCM. In spirit of a blog, the posts are conversational and opinionated. However, they are not official FXCM policy and not double-checked for facts. The authors are providing information that they believe to be true or opinions they hold. To verify information or check official FXCM policy, please contact FXCM through the firm's official website, www.fxcm.com.

    • « DailyFX Forex Radio - US Dollar Gets A Reprieve Amidst Thin Trading - Major Event Risk Ahead | Home | NZD/USD and CAD/JPY Both Moving Our Way »

    Pound / Yen - Buyers Losing Steam Yet?

    By Eliseo Agas | August 28, 2007

    Following through on my previous post. The GBP/JPY bounce now seems to be weakening and the sellers are trying to come in and see what kind of damage they can cause to the downside.

    The Daily chart still indicates downside momentum and the 4-hr chart is now showing buyers failing for the first time to come in. I’d be more confident with shorting if the pair holds at or below the 230.80 area come Noon New York time. If it fails to do this we may see buyers come back in supporting the pair near-term.

    Keep in mind, relative to the other JPY pairs this one seems stronger. It won’t go down without putting up a good fight first.

    gbpjpy-daily-0828.gif   gbpjpy-4-hr-0828.gif


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    Topics: Better Use Charts - Use Charts Better |

    One Response to “Pound / Yen - Buyers Losing Steam Yet?”

    1. Pound / Yen - Overnight Buying | Forex Trading Blog Says:
      August 29th, 2007 at 7:02 am

      […] Pound / Yen - Buyers Losing Steam Yet? […]

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