GBP/JPY Reversal in the Works
October 23rd, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
Email:
The volatile of the GBP/JPY pair continues to be affected by the volatile forex market. The last two weeks has seen a lot of bullish strength in the GBP/JPY pair. However, as I demonstrated below, it seems that the pair’s bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 3: The Williams Percent Range signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon.
GBP/JPY-Daily Chart
Start trading with Anton Eljwizat now:
Tags: Forex, forex blog, GBP/JPY, Japanese Yen, Pound, RSI, Slow Stochastic, sterlimg pound, Technical Analysis, williams percent range, yen
