28 Aug GBP JPY Channel Resistance
Swing short entry taken at 126.50 based on daily channel resistance and 4 hourly fib retracement level.
Daily support beckons just slightly below the current price level, however it’s been somewhat abused recently and I don’t expect it to hold.
A retest of the March 16th 2011 “Tsunami” Low would make for an ideal target at approx 122.54, however, I’m unlikely to hold the position for any length of time.
Click on chart for full screen image.
EDIT: 31st August 2011. This trade was closed out at 124.56 for a 194 pip gain. No real technical reason for that decision, it was simply a quick profit and one I was happy to bank and forget about as my time has been focused on the development of this blog.