GBP/JPY: Wedge Forming on 4hr Chart

Today there has been little change in the Eur/Usd since I wrote about it yesterday, the pair is still trading in the same channel, you can review that trade opportunity here. Since there has been little change today I am going to update the GBP/JPY.

Right now on the 4hr chart we have a wedge forming as you can see by the blue lines that I have plotted on the chart.

4hr chart *note click on the chart to learn about a charting system.

If the price breaks out of the wedge to the upside look for a target to the resistance level of 1.5161. If the price breaks to the down side look for a target to the support level of 1.4846

Daily Chart

The trend on the daily chart just bounced of the downward trend line so there is a possible continuation of the downward trend beginning now. Watch the daily charts to get a confirmation of this downward continuation.

Keep current on the daily forex news announcements at the Forex Crunch.  The Geek Knows wrote another article about the Eur/Usd that includes a correlation with the S&P 500.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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