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Japanese Yen Cross Pick 02.25.10

Japanese Yen Cross Pick 02.25.10

2010-02-25 13:55:00
David Song, Currency Strategist
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The GBP/JPY weakened for the sixth-day, with the exchange rate slipping to a fresh yearly low of 135.85, and it certainly seems that I have gotten ahead of myself as the daily RSI slips into oversold territory. The sharp overnight decline tapped out the long trade from 139.35 with a 90pip loss, but I expect to see a corrective retracement over the next few days as the sell-off stalls ahead of the 135.80-90 level, which coincides with the 61.8% Fib retracement of the 2009 low to the high. As a result, I will wait for further confirmation before looking to fade the recent decline, but will stay flat on the pair for the remainder of the week as market liquidity thins ahead of the weekend.

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