FX Path

Technical Trading Tips and Techniques by James Chen, Chief Technical Strategist at FX Solutions.

Or subscribe via email:

FXstreet.com Weblogs

Links

GBP/JPY - At Bottom of Precise Bullish Channel

Posted on April 22, 2009 at 12:00 in Analysis by James Chen

GBP/JPY, as shown on the daily chart, has formed a precise parallel uptrend channel that has been in place since late January, with four downside touches and three upside touches thus far. Currently, price is near the very bottom of this channel. In the event of a potential subsequent breakdown of this channel, a further breakdown below the key support/resistance around 141.50 should be a strong bearish signal for this pair. A pronounced bounce up off the bottom of the channel, however, which would be confirmed on a strong break above 145.00, should target further resistance levels to the upside within the context of the rising channel.

6 Responses to “GBP/JPY - At Bottom of Precise Bullish Channel”

on 23 Apr 2009 at 2:13 am1Sam

Mr Chen, would you please provide analysis for the EUR/USD pair for the comming weeks.

Thank you,

Sam
on 23 Apr 2009 at 1:43 pm2James Chen

Hi Sam,

Thanks for your request. I post a longer term analysis of EUR/USD and USD/JPY every weekend. It is my weekly analysis. It will be posted on this blog by Sunday. Thanks, Sam!

James Chen
on 25 Apr 2009 at 11:30 pm3S.S.Subramaniam

Useful information which I read at week-ends to get an idea of coming weeks potential trading oppurtunities. Many thanks.
on 26 Apr 2009 at 1:12 am4James Chen

Thanks for your comment, S.S.!
on 27 Apr 2009 at 4:22 pm5Simba

Thanks alot Mr. Chan for that analysis. I will now be a regular analsysis because I just love this pair.
on 27 Apr 2009 at 5:26 pm6James Chen

Thanks for your comment and for visiting, Simba!

James Chen

Theme by Forex Street Powered by Wordpress

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

FX Path

Subscribe

Categories

Archives

Recent Comments

Tags

FXstreet.com Weblogs

Links

6 Responses to “GBP/JPY - At Bottom of Precise Bullish Channel”