GBPJPY PULLS BACK TO SUPPORT

11 jul 2014

The 173.20 level has been significant for this pair acting as resistance many times. I expect this level to now act as support. We are also in a clear uptrend and above the 200 and the 50 SMA. We are also at a 61.8% Fib retracement from previous swing low to swing high. Hence I have set an order to go long at 173.20 with my stop at 172.40 and T.P at 175.30 This gives me a RR of better than 1:2

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