Today there has been little change in the Eur/Usd since I wrote about it yesterday, the pair is still trading in the same channel, you can review that trade opportunity here. Since there has been little change today I am going to update the GBP/JPY.
Right now on the 4hr chart we have a wedge forming as you can see by the blue lines that I have plotted on the chart.
4hr chart *note click on the chart to learn about a charting system.
If the price breaks out of the wedge to the upside look for a target to the resistance level of 1.5161. If the price breaks to the down side look for a target to the support level of 1.4846
Daily Chart
The trend on the daily chart just bounced of the downward trend line so there is a possible continuation of the downward trend beginning now. Watch the daily charts to get a confirmation of this downward continuation.
Keep current on the daily forex news announcements at the Forex Crunch. The Geek Knows wrote another article about the Eur/Usd that includes a correlation with the S&P 500.
