Wednesday, February 14, 2007

Nice move on GBPUSD, better than expected. I do expect this one to run so I'm leaving it open to double-down as it pulls back to the 50-period ema (the purple line). That's a pretty clear break in the downtrend with a nice confirmation on the daily chart (see yesterday).



I'm more excited about the reversal here in EURJPY. I'd usually play the daily chart here which demands waiting for a return to the 50-day ema. I think the € is going to break through the 159 ¥ barrier with some urgency. Should that happen I won't wait for a pullback here either: just double-down.

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