GBP/JPY at a Critical Juncture

Published June 2nd, 2006 - 06:58 GMT
Al Bawaba
Al Bawaba

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·          Negative Divergence at Resistance Offers High Probability Short

·          Proximity of Resistance Offers High Reward to Risk Multiple

·          A Break of Nearly 6 Month Resistance Exposes 217.00 and 220.00



 

Key Levels - Current Price: 210.62                                                                                                                          

Level

Type

Significance

220.66

Resistance

161.8% of 213.00-200.55

217.70

Resistance

138.2% of 213.00-200.55

213.00

Resistance

12/13/05 high

211.44

Resistance

5/31 high

208.56

Support

5/26 low

206.43

Support

5/17 low

205.39

Support

5/10 low

203.79

Support

4/27 low

200.55

Support

1/11 low