GBP/JPY Classical 02.25
GBP/JPY: Prospects for a recovery have been negated, with the latest sharp reversal extending to fresh 2010 lows below 138.25. This suggests that a lower top is now in place by 143.55 ahead of the next major downside extension towards psychological support at 130.00 over the coming weeks. Daily studies are however oversold and we would not recommend looking to sell at current levels. Ultimately, a break back above 143.55 is now required to take the pressure off of the downside.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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