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| GBP/JPY Downtrend might be at Its End Posted: 22 Oct 2010 12:24 AM PDT
The GBP has dropped significantly versus the JPY in the past 2 months, and it is currently traded around 127.40. And now as evident in the data below, the daily chart is giving bullish signals, indicating that GBP/JPY pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. • Below is the daily chart of the GBP/JPY currency pair. • The technical indicators that are used are the William Percent Range, Slow Stochastic and Relative Strength Index (RSI). • Point 1: There is a "doji" candlestick that has formed on the chart, indicating that a reversal should take place. • Point 2: The Slow Stochastic indicates an impending bullish cross, signaling that the next move may be in an upward direction. • Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure. • Point 4: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure. GBP/JPY Daily Chart |
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