Intraday trading analysis (tips) on GBP/JPY for 3 May 2011, we recommend to trade Short (Sell) GBP/JPY pair below 134.65 for target of 134.25 and 133.85 keep stop loss above 134.85.
Reason behind trading short: GBP/JPY pair has been trading in a bullish channel, but it has broke below the upper channel lower boundary. So trading in the direction of trend we will be looking for only selling opportunity as long as the pair remains below 134.95 level. Technical indicators are however mixed, suggesting traders to trade cautiously as volatility may remain higher.
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