GBP/JPY WEEKLY CHART
August 27th, 2008
The weekly chart for gbp/jpy shows price sitting on the purple 400 sma, which was breached in march 2008. We see the beginning of a 5th wave down from 251, and it is possible to see a double bottom formation around 192, or a lower low. All 4 moms are below 100. This is bearish.
Strategy: Stand aside for now, and sell the retrace from 203 or so.
