Pound Sterling vs Japanese Yen (GBPJPY)

[Charming Trader]

Source: http://dailyfx.com

GBP/JPY
GBP/JPY 19 September 2008
Price Technical Significance

200.35(W) Daily High Aug 29
199.35(M) Hourly High, Aug 29
198.45(M) Hourly Bounce Aug 29
197.65(M) Daily Low Aug 29
Flat AT 196.50
195.20(M) Hourly Low, Sep 19
192.50(M) Hourly Low, Sep 19
191.40(M) Hourly Low Sep 19
189.70(M) Hourly Low, Sep 18
Stop: /Target:


Strategy: Buy@193.00 Profits booked for 420 points on long trade. A base is now being confirmed with the break back above 196.50 and will look to buy dips. (JK) 18:52
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They are thinking buy on a dip...... If I were not in this already on the left side of the hedge. I think this would be a great place to sell on a fail of 198.50
On the monthly chart there should be some resistance there, also the bollinger band crossed the market. This may point to an over bought market from the correction. This would be a good explaination for the High for the weeks closing, it was a temp correction. Follow open market closing to see the direction of the market.