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Forex: GBP/JPY Trading Analysis for 29 April 2011: Buy Above 135.55

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Forex Intraday trading analysis (tips) on GBP/JPY for 29 April 2011, we recommend to trade Long (Buy) GBP/JPY pair above 135.55 for target of 135.95 and 136.25 keep stop loss below 135.25.

Reason behind trading long: This pair has been trading in a bullish channel, supported by rising trend line, so trading in the direction of trend we will be looking for only buying opportunity as long as the pair remains above 135.25 level. Technical indicators are however mixed, suggesting 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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