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Forex: GBP/JPY Intraday Trading Analysis for 22 March 2011: Sell below 132.75 for Target 132.15

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Intraday trading analysis (tips) on GBP/JPY for 22 March 2011, we recommend to trade Short (Sell) GBP/JPY pair below 133.75 for target of 132.15 and 131.75 keep stop loss above 133.05.

Reason behind trading short: This pair is finding resistance near its 200 DMA line on 4 Hour chart, which confirms the bearishness. So, we will be looking for selling opportunity in this pair as long as it trades below 133.05. Technical indicators are showing mixed trend, indicating traders to trade cautiously.

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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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