Afternoon 04-26-2007

GBP/USD 

• Breached the Weekly Pivot for the classification of "bear week"
• Found support today at the Monthly R1 pivot and the Weekly S1 pivot at about 1.9880
• Only taking long positions at this time
• Currently in short mode

I don't see there being a play long on the daily anytime this week and probably not for most of next week. 

USD/JPY

• Broke up above monthly R1 pivot
• A tell-tale sign of today's break might have been yesterday's close above the weekly pivot point
• The price is approaching weekly R1, about 40 pips away
• Take only long positions but the trend might not be clearcut. 
• Currently in long mode
• Japanese economic data out tonight that will move this

Unpredictable at this point and waiting for the economic data tonight would be prudent.  If we get a break above 119.85 (W_R1), I would consider the following trade:

LONG at 120.10; STOP LOSS at 119.67; TARGET at 120.90 (Risk 43 to make 80)

EUR/USD

• Has run up a lot and is in short mode right now
• Only take long positions
• Pivots seem inconsequential

No plays anytime this week.

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