Buy Signal in GBPJPY

GBPJPY will give us a buy signal on the Daily chart here by clearing the trend line (resistance line) seen on the chart below. We have also seen a trend shift higher on the Weekly chart, telling us we could see a bear market rally. Bear market rallies, much like bull market corrections, tend to be fast and violent.   

 

I’ve also included a snapshot of our trend map below which records the various trends as of the close of trading today 2/20/09

DISCLAIMER: Futures, options and Forex (off-exchange foreign currency futures and options, or “FX”) trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, options and Forex may fluctuate, and, as a result, clients may lose more than their original investment.

www.brewerfx.com/jnorrisedu/

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About Jay Norris

Jay Norris is Director of Education at Trading University, has over 30 years of trading experience, and is the best selling author of "Mastering The Currency Market", McGraw-Hill, 2009, and "Mastering Trade Selection and Management", McGraw-Hill, 2011. He has also been published multiple times in Technical Analysis of Stocks & Commodities magazine.

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