GBPJPY—narrow range at support

The pair has moved in a narrow range of 1.3291 to 1.3380 since Friday and the low is right on a fib confluence level and breakout level. I've gone long at 133.09 with possible price targets of 1.3506 and 1.3779. Nearby resistance is 1.3375 so I'll probably take some profits if it gets to that point. This pair doesn't like hanging around in ranges so I expect any move (up or down) to be swift. Below 132.75, I'd get antsy about being long and possibly reverse.

Here's the three-hour chart:












© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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