GBP/JPY Trade Note
Recommendation: BUY ON MORE PULLBACK, OR ON A BREAKOUT
Current Trend: Short- and med-term up.
Strategy: Go long either on a pullback closer to line 2, or a break above recent highs.
(Daily)
- Updating a chart of the Pound/Yen shown here two weeks ago. It recently broke out of a large channel (lines 1 and 2). It has paused over the past week in a ‘mini head and shoulders’. This is a pause before it heads higher again.
- While the GBP/JPY is very much still a med-term hold. In the short-term, look to buy (or add to holdings) it if it either moves down closer to line 2 (148.20-147.70 region), or if it trades above last week's high of 151.41. Do whichever happens first.
- Its minimum update target (conservatively measured) is 157.20, for taking profits.
- The stop-loss is a close below 146.00. Once it closes above 151.41 move the stop up to a close below 147.50. And from 155.90 raise it again to a breaking of its prior two-day low to protect profits.
To subscribe to more research by Colin please go to his website www.themarket.co.za
COPYRIGHT:
THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER. UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA. FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL.
