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GBP/JPY Trading 2008
- Thread starter ForexPro
- Start date
Quote from ForexPro:
short 213.85 tp 210.7 st 215.4 on the bounceback.
JPY strength coupled with GBP weakness, is a good sign for further weakness here.
Bernanke was quite emphatic yesterday in saying that he would take "substantive measures" to avoid a recession. I wonder what news is in the pipeline?
Maybe people are finally realizing that if ol' Benny is ready to cut 50bp this month the shit has already REALLY hit the fan . . . writing is on the wall.
Still short and well in profit. Stops have been adjusted downward. Yesterdays analysis proved correct with a perfect test of the lower trendline. 213.50 is now R1 which will be tested very shortly. If it holds there is more downside. However, there is no S1 to speak of and price has been riding the bottom of the daily channel for over 1 week which indicates an upward retrace is likely in the mid term. It will be an interesting close this afternoon.
I am in Europe. I noticed that post-trade balance. I think short is the right way to go. We may get a pop higher in the stock markets early in the session, but i reckon we'll see lower than now. This will drag carries down too. Just my thoughts though, as fridays can be unpredictable.
Quote from ForexPro:
I think short is the right way to go. We may get a pop higher in the stock markets early in the session, but i reckon we'll see lower than now.
Agreed. If I didn't have a position I'd wait and see what the first few hours brings and how 213.5 plays out. I'd also be cautious of the typical late friday short covering.