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May 5, 2009

GBP/JPY Hits 2nd Target, Lets go for 3!



Hello Traders-

Just a quick updated GBP/JPY chart showing the 2nd target achievment, now we should be looking for setups taking us to the 3rd target.  Watch for strong retraces, on lighter volume, and when they sputter out at resistance (possibly 1st target "area"), look to get short with an appropriate stop (30-40pips).  I see the 3rd target coming tonight, or tomorrow. Definitely this week, as long as the newly forming down trend continues to set its pace.

Good luck!

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