How things went yesterday
Yesterday prices made a lazy but unrelenting climb to reach the 1.1000 zone, meeting with a degree of resistance that appears to have continued into today’s trading.
We have sent out a note on an S&R GBPJPY strategy which is going well, having already broken through the TP1 and brought the stop loss to the entry price, removing all risk from the equation.
Today prices continue to test the 1.1000 zone and the resulting line of resistance. The DP was tested more or less immediately with the DWN triad dug in and refused to offer any useful indicators. Just as well as today is our final trading day of the week. Next week will see an adjustment in the pivot; we shall see how this plays out.
Plan for the day
Prices may look to fall further, but will find further significant levels of support along the way, which could impede its descent. In any case we will be following developments closely, refusing to rule out most potential scenarios.
Relevant economic news
1:30pm USD Unemployment Claims
Until next catch-up is tomorrow when we’ll be wishing each other a good weekend.
Licensed Trader | SurfingThePips.com