This pair has been trending up for most of 2012 and has given good opportunities to buy it on pull backs.
Price retraced 50% of the last move up from 105.60 swing low to the swing high of 111.50.
Chart Below
Price has formed a Double Bottom at 108.50 and has now started to move back up through the averages and pivot points.
I am looking to enter a long position on a retracement to overlapping support of moving averages, fib level and pivot point.
Levels and chart below
Entry: 109.80
Stop loss: 109.30
Target: 112.30 (5%) EJ was trading at 117.50 in July of 2011.
GBP / JPY
This very similar to Euro / JPY
Trend is up, price has pulled back 50% of the last move up and has formed a Double bottom at 130.00.
Chart below
I am looking to enter a long position on a retracement to overlapping support of moving averages, fib level and pivot point.
Levels and Chart below.
Entry: 131.35
Stop loss: 130.75
Target: 134.35 (5%) GJ was trading at 1.3450 in June 2011
I will update when we are triggered into the trade and when I move the stop loss.
Have a good afternoon
Regards
Scott
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