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Main » 2010 » April » 19 » Forex Signals - Intraday Strategy for GBP / JPY 19/04/10
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Forex Signals - Intraday Strategy for GBP / JPY 19/04/10
Pair GBP / JPY on the hourly chart is traded in the range 132.01-163.08. It shows that the rate of GBP / JPY is trading below the moving average with period 55 per hour schedule (level 142.81), which generally helps to reduce prices in the short term.

I recommend to open long positions following the breakdown on the basis of hours of resistance at 140.12 with a view to increasing the resistance at 140.49 and if it is the breakdown on the basis of hours to 140.82. Stoploss if this strategy can be placed on the level of 139.52.

I recommend to open short positions after the breakdown on the basis of hours of support at 139.69 with a view to reducing the level of support at 139.34-28, and in case of breakdown to 138.96. Stoploss if this strategy can be placed at 140.18.

Given that the moving average and the location of boundaries of technical figures over time is moving, it is necessary to the hourly chart to adjust their status. I also recommend to open positions up to an hour to avoid false breakouts.

In the case of a strong movement in the breakout technical figures, I recommend to wait for correction. The level, which was the resistance should be a strong support and it was near this level should open position in the direction of the breakdown.

Analyst "Forex Analytics" Alex Sedyshev

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