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Chart of the Day: GBP/JPY.

The GBP/JPY has pulled off of its recent high, found support and has begun to move back up. The GBP/JPY has pulled off of its recent high, found support and has begun to move back up. This recent low managed to stay above the June 5th low which is one of the few currency pairs able to do that. This is the reason I am looking at this pair for a possible buying opportunity. Using a technical indicator such as the MACD shows a buy signal is close to being generated. That buy signal would be on a move by the MACD line (green line) up through the MACD Signal line (green line). We would wait for the candle to close to make sure we have confirmation of that crossover. Protective stops could be placed below support with targets to take profit set as twice that risk for our 1:2 risk:reward ratio.

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Title Annotation:Great Britain pound; Japan yen
Publication:Mena Report
Article Type:Brief article
Geographic Code:9JAPA
Date:Jun 19, 2009
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