19 Sep 2013
GBP/JPY setting stage for 158.50 breakout - 2ndSkies
FXstreet.com (Barcelona) - GBP/JPY exchange rate continues to press against 158.50 resistance in what appears to be a legitimate 'pre-breakout' scenario, notes Chris Capre, Trader and Founder at 2ndSkies Forex.
According to Capre: "For the last week the pair has been forming a series of HL’s while having a very long 20ema carry on the 4hr chart. Today’s reaction to the FOMC initially saw the pair weaken, but then formed a long tailed pin bar rejection, with prices continuing to push higher. The current key resistance is the 158.50."
Capre adds: "I'll wait for a pullback towards the 20ema to catch a long before an anticipated breakout of the key level above, so around 158 gunning for a longer term move towards 160, and bringing stops to BE (breakeven) after a 4hr close above 158.50."
According to Capre: "For the last week the pair has been forming a series of HL’s while having a very long 20ema carry on the 4hr chart. Today’s reaction to the FOMC initially saw the pair weaken, but then formed a long tailed pin bar rejection, with prices continuing to push higher. The current key resistance is the 158.50."
Capre adds: "I'll wait for a pullback towards the 20ema to catch a long before an anticipated breakout of the key level above, so around 158 gunning for a longer term move towards 160, and bringing stops to BE (breakeven) after a 4hr close above 158.50."