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GBP/JPY - Hits Top of Parallel Downtrend Channel
Posted on September 17, 2010 at 16:20 in Analysis by James Chen

Price action on GBP/JPY (a daily chart of which is shown) as of Friday (9/17/2010) has retraced back up to the top resistance border of a key parallel downtrend channel extending back to the 2009 high, on the heels of this week’s yen intervention. This bullish retracement occurs after price was displaying bearishness off a breakdown below a rising wedge pattern within the downtrend. For more technical analysis on this currency pair, please click here for Friday’s (9/17/2010) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

3 Responses to “GBP/JPY - Hits Top of Parallel Downtrend Channel”

  1. on 20 Sep 2010 at 10:07 am1bogdan

    is FxSol considering adding binary options? looking at the above GBPJPY chart using binary options to profit from a potential short move could be interesting

  2. on 30 Sep 2010 at 1:38 am2James Chen

    Hi Bogdan,

    Thanks, as always, for visiting and for your question. As of now, we are currently not considering adding binary options. But that could always change in the future. Thanks again, Bogdan!

    James Chen

  3. on 30 Sep 2010 at 7:03 am3bogdan

    seen the POLL on the left and thought you guys might be inclined to do that..

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