will the daily resistance holds???

The bulls went amok and the beast shot up 412 pips today. I kept aside during the crazy rally and waited for the bulls to be exhausted.

Looking onto the daily chart, the price is now bouncing off the the daily resistance and a shooting star candlestick has been formed on the hourly chart. Should the first hour of New York session drags the price lower, this might means the bull rally have reached it's temporary top; at least for the time being...

Below is the daily and hourly chart at the beginning of New York session (8 pm Malaysia).


  • I said a week ago that the pair is very bullish. Simply because of the quantitative easing. Forget technicals for a minute, and think fundamentals. You mentioned you have them at the back of your mind. GBP/JPY at least 151.41 and then 154.18 initially, considering its retracement. Most of its peers touched or are about to touch their August high so this pair may go over 163.15. WHY NOT? The graph looks bearish and should reach 118 at one point but not this year. Gold will reach 1100, EUR/USD will reach 1.52-1.53. DOW Jones will reach 12,000. Thsese rallies will not stop until the end of the year.

  • That is a hell of a lot of conviction on yr statement there. But at least you must be making some $.
    But GBPJPY bounce was spot on. It bounced off the 50% Fibo retracement (139.90-140.00)area.

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