|GBP/USD Intraday Technical Analysis|
|USD/JPY Intraday Technical Levels for August 8, 2012|
Due to the few important economic news these days the spot rate does not vary much and tests again the upper limit of its medium term bullish channel at 1.2460 suggesting a decline. However a break of these levels will free up significant potential and initiate a bullish trend more violent. A rupture of the intermediate support of its channel at 1.2370 will confirm the hypothesis of a return in a short-term.
Technical indicators provide sell signals but until the spot rate stay in the range 1.2370-1.2460 we can not anticipate movement. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
The best way to limit risks in a configuration like this one is to wait for an output with a violent movement. There are 2 ways to do it. The first one is to try a ”buy stop” and buy as soon as the spot rate has broken through its resistance of 1.2460 with the 1st objective at 1.2520. The second one is to try a “sell stop” and sell as soon as the spot rate has broken through its support of 1.2360 with the 1st objective at 1.2300.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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