DowntownForex » GBP/JPY http://www.downtownforex.com Your Forex Resource Site Fri, 22 Jul 2011 14:37:59 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 GBP/JPY – Another Trade Idea http://www.downtownforex.com/2009/06/04/gbpjpy-another-trade-idea/?utm_source=rss&utm_medium=rss&utm_campaign=gbpjpy-another-trade-idea http://www.downtownforex.com/2009/06/04/gbpjpy-another-trade-idea/#comments Thu, 04 Jun 2009 11:45:27 +0000 admin http://www.downtownforex.com/?p=14

by: Back Bay FX

GBP/JPY has been trading in a range that is well-defined by the 2 hour time frame Bollinger Bands. In the below snapshot, the pair has bounces off the midline and seems to be continuing it’s move higher. Yet that midline is a very important level.

We will use a Buy Limit order to go long GBP/JPY (current bid at 158.15) at 157.70. Our Target Level is just below the top Bollinger Band at 160.10. We will enter a Stop Loss at 157.65 which would indicate a solid break of the midline support level.

Stay Nimble!

Stephen Leahy
Back Bay FX Services, LLC
www.backbayfx.com

Thanks to FX Solutions and Accucharts for the below image.

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