Market Review - GBP/JPY

Large retracement on the 4hr chart down to the support of 241.65/75 mark, we had setup a support line there and it has held so far. from there the CCI and SCHAFF has trended to the bottom of the scales, with the upward momentum from the EMA's, It looks like a candidate for a 4hr Long trade style on the templates.

Day chart is still holding the lower trend line, with the CCI and SChaff heading back to the upper end of the scale, basically we broke out of the 241.65/70 level, and retested that as support.

Best thing about it , is once it returns to the upside, I will be looking for carry trade to stand for quite some time. as now we have a basis of support. Worst is that the support line dates back to 1992 levels.

Andy<> Stapleton
www.forexmgr.com