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
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