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Monday, March 30, 2009

Entry: GBPJPY Buy Signal

I entered GBP/JPY at 136.69 (yellow circle), based on the 30 EMA system on daily time frame. The pair also touched the support trendline (magenta) at 135.70 area and bounce for almost 200 pips at the moment. Retest to 135.70 area is very possible. The first target upside is the 38.2% retracement of 215.85 to 118.80 at 155.87. Next target are 50% retracement at 167.32 and 61.8% retracement at 178.78. Stop loss level is below the trendline.

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