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Forex GBP/JPY Intraday Trading Levels: Buy GBP/JPY Above 131.75

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Intraday trading analysis (tips) on GBP/JPY for 25 February 2011, we recommend Long (Buy) GBP/JPY Above 131.75 for target of 132.25 and 132.75 keep stop loss below 131.35.

Why to go Long: This pair has been trading lower but now its near 200 DMA, the pair seem to take the support near 131.05 and is likely to rebounding from this strong support level. But one must wait for any rebound before entering into the trade, as trading against the trend will result in loss. So once the rebound takes place, on can go long on GBP/JPY pair. Technical indicators are bearish, indicating traders to stay cautious.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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  2. share tips says

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    Reply

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