GBP/JPY WEEKLY UPDATE

July 4th, 2008

The weekly chart for Geppy shows price making 3 waves down from 251 to 192 on the zigzag indicator. We are currently in a corrective 4th wave up, supported at 209. There is more room to the upside, possibly to the 219 area, which is a swing low from August, 2007. Price is in consolidation after encountering resistance around the 213/214 area. As long as the 209 area holds as support, she should break upwards to test the white weekly trendline resistance.

The daily chart shows this a bit more clearly, and supports my upward bias if price maintains trading above 209.

We see the zigzag indicator showing corrective wave 4 down to the previous swing high of 209 from May 2nd, 2008. Price is consolidating this area between 213 and 209. A 5th wave up would open the door to test the 219 area.

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Posted in Forex Investing Strategies, Yen Carry Trade |

2 Responses to “GBP/JPY WEEKLY UPDATE”

  1. Stefan Says:
    July 14th, 2008 at 9:20 am

    Hello,

    Keep up the good work. Just have a question, which forex broker would you recomend to use ? I have heard too many horror stories regarding Forex brokers.

    Thanks Stefan

  2. ovaforty Says:
    July 14th, 2008 at 10:51 am

    I use Interbankfx. I have no horror stories to tell. Good support for me when i need it.

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