FOREX VIDEO | NEW YORK SESSION REVIEW | June 1, 2009

When considering the GBP/JPY price action through the first five months of this year, the story of the mythical phoenix comes to mind. A currency pair virtually burned to virtual ashes in last year’s deleveraging, has seemingly come back to life. Today, on the back of positive China and US PMI reports, the pound yen soared more than 550 pips. Using moving averages, a Fibonacci study, the concept of role reversal, and pivot points, a conservative trade plan spanning the London and New York sessions yielded a 200-pip profit. Curt Wehrley FX Bootcamp’s Quantitative Analyst

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