Daily Forex Signal: GBPJPY Quickly Filling In Another Candle

GBPJPY is quickly filling in another black candle profitably. It appears we have come within 20 points of the initial target at 148.64. The secondary target is at 148.90. The real secondary target is at 149.12 but that is target is too close to a nice round number for my comfort so I will be backing it back down, to just under 149.00. If you are trading this one and you want to just trade to the first target that would be good also. There is nothing wrong with taking profit and getting out. There still may be a pullback before the target is reaches so be prepared to take your profit if the hourly chart looks like it is breaking down too much.

As the EURUSD begins to find a little support another black candle looks to be closing as well. There is still an open one from 12/17/09 with targets up around the1.4505/35 area. The late morning weakness of the USD has sent this pair as high as 1.4415 so far. This is still consolidative action though and may continue for a few more days. We will have to see how this one turns out. The probability the this easyFXTrades set up will close is pritty high consodering that there are a few other factors supporting the move. Namely a MACD positive cross.

The forex calendar remains a bit heavy going into the end of the week. Today’s FED meeting notes lead into tomorrow’s JPY Official Reserve Assets release, EZ Retail Sales and business climate/confidence numbers. This followed by GBP rate decisions. Friday is of course the big day with EZ GDP and USD Non Farm Payrolls. Those two release will end the forex news for the week and volitility is sure to spike in thin markets on Friday. Trader Beware.