Daily FX Training | Learn Forex with the Dynamic Traders: Pound Yen Resistance

Hello Dynamic Traders,

Good to hear so many of you are doing so well from the forex webinars we recently had. Well done and continue to apply the same trading techniques when the opportunities come up.

I was sent an email from a friend yesterday asking for my thoughts on the GBPJPY. The weekly GBPJPY chart below shows a triangle formation and we are in proximity to the top trend line which will act as resistance. Should this have a reversal then look for the signs for a trend reversal prior to the directional change and look to take a trade.

Aggressive traders will look to pick a top and conservative traders will look to have price take them into the trade.

There is an opportunity for some good profits on this cross I think but beware it wont always do a correction when you expect it to as we all know based on fake breakouts and continuations. Put this on your watchlist for next week.

Chart courtesy of Advanced Get. Data provided by eSignal.

Next week will be very interesting. In the mean time, hope you all have a great weekend. If you are in London and visiting the Motor Show then I highly recommend going to the Honda show. It is a half hour paid event and in addition to some excellent stunt driving you get to see Asimo the humanoid.