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Pound / Yen - Overnight Buying
By Eliseo Agas | August 29, 2007
For those of you who got short GBP/JPY yesterday, make sure you have those stops in place. The overnight flurry of buying took back most of the lost ground from yesterday’s selling. We’re now at a crossroad…either sellers step in to defend the 231.10 area (minor resistance where price started to breakdown yesterday) or they back away giving free reign to the bulls.
The short game is over if price action breaks above the 235.50 area definitively. This could be a bumpy ride for shorts.
Tags: GBP JPY Pound Yen
Topics: Better Use Charts - Use Charts Better |
August 31st, 2007 at 2:01 am
what would you do if you got short tooo early… i got my stops at 235.60, seems momentum is very carry positive at the moment… yeah i know i should’ve sat on my hands but hey no pain no gain right lol ouch