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FibLevels for the GBP/JPY as of July 30, 2007
Related Posts: Relative Index Performance for the GBP/JPY and CHF/JPY Shown below are GBPJPY weekly prices as of the open on July 30th 2007. On this chart are identified nine high and low points used to form Fibonacci levels, retracements, confluence areas and expected future price moves shown on the FibLevel chart. The GBP/JPY has been in a weekly uptrend since October 12th 2003 and has completed its most recent move from a low on March 4th 2007 to a high of 251 on July 15th 2007 followed by a 43% retracement from this latest high to its current price of 238. This near four year move has shown retracements of 65%, 47%, 52% and the latest 43% retracement. The FibLevel chart shows a significant support and confluence area at 232. Also on the FibLevel chart are shown expected price expansion points of 256, 268 and 286. We use FibLevels together with relative index performance of the GBP/JPY and CHF/JPY to time our entry/exit points in the carry trade formed by these currency pair. A thorough discussion of retracement and confluence level techniques can be found in: Trading With DiNapoli Levels - The Practical Application of Fibonacci Analysis to Investment Markets, Joe DiNapoli, Coast Investment Software, Sarasota, Florida, 1998, ISBN 1-891159-04-6. Additional Information For more information about carry and hedged trades, trading economic news announcements using standardized unexpected events – SUE, relative index performance – RIP, subscription services, FibLevel and Currency Trade Calculators, mentor programs, APIs for news trades, please email: [email][email protected][/email] Best regards and good trading, Quartus Trading LLC