The GBP/JPY pair is sitting just above a very strong support line that has held back price on several occasions before. If price is able to break through this line, expect some follow through. I am going to take a small short position at 140.30, however those of you who like to trade more conservatively may want to wait for a confirmed break of the line before initiating a trade. Keep stops at 143.
Monday, February 8, 2010
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