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Chart of the Day − GBP/JPY
Tue, Sep 2 2008, 14:31 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
9/02/2008 – GBP/JPY – Price on the GBP/JPY daily chart, as shown, bounced precisely up off a significant long-term support level late on Monday. This level resides around 192.60, give or take a few pips. Back in July 2005, this pair reached a swing low of 192.60, and then reached down to 192.57 in March of this year. Just yesterday, price descended quickly and bounced accurately off the 192.61 level. The sheer precision of this support level has been remarkable. As of Tuesday morning, price has corrected substantially to the upside after retreating from support. Any continuation of this correction should hit additional resistance around the 196.80 region, a relatively significant prior support/resistance level. The 192.60 support level to the downside, as mentioned, should continue to act as strong support going forward.
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Published on Tue, Sep 2 2008, 14:33 GMT
Archive
- Chart of the Day - EUR/USD
Published On Fri, Oct 31 2008, 14:49 GMT - Chart of the Day - GBP/USD
Published On Wed, Oct 29 2008, 16:40 GMT - Chart of the Day - USD/JPY
Published On Tue, Oct 28 2008, 15:44 GMT - Chart of the Day - EUR/USD
Published On Mon, Oct 27 2008, 16:18 GMT - Chart of the Day - GBP/USD
Published On Thu, Oct 23 2008, 15:14 GMT
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