An overview of the
currency markets by 
Hello.
Let’s take a look at a shorter term chart - GBP/JPY.
We’re about halfway through the Asian session and about 4 hours before the opening of the European markets.
We saw the currency pair hit a potential turning low point on Thursday. From there, we have a nice movement up. You can see our count of the retracement.
The bears seem to have short-term control of the GBP/JPY. We’ll potentially see a retracement back down (completing Wave 4) and then a Wave 5 movement back up.
Remember, this is a shorter term trade so be sure to keep your stop losses tight and apply your money management. This pair can move very quickly in a short period of time so check your announcements.
For those of you in the US, we hope you have a nice (and relaxful) President’s Day weekend.
Good luck and we’ll see everyone again shortly.
Hi Ross
Very good call on gbp/usd, thank you for sharing your knowledge with your blog readers, looks like it completed wave 5 now,and would the a-b-c- retracement waves follow? already retraced abt 100 pips, do you think they might retrace down further ? and to what level?
Thank you
sorry Ross that was meant to be gbp/jpy not gbp/usd. also the 5 wave logo at the right bottom cnr. of the chart, is that just a logo or does that mean anything?
Thanx