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: What To Look At In The Market | 1 Comment »
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.
Tags: GBP JPY Pound Yen
Topics: What To Look At In The Market | 1 Comment »