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GBPJPY: Bullish market condition, Long trades in play

Last Wednesday I wrote about the GBPJPY, we were waiting for the pound-yen to break the short term range, and guess what?… it just broke that range:

GBPJPY

GBPJPY

The GBPJPY broke the short term resistance level setting us up for a bullish market condition.

Here is my plan:

As long as the GBPJPY trades above 144.12 I will be looking for long trade opportunities. My next LT resistance level is at 146.65

All short trade opportunities will be ignored.

Trade Safe!
Raul Lopez

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This entry was posted on Friday, December 11th, 2009 at 5:38 am and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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