GBP/JPY Classical 03.16
GBP/JPY: The market is in the process of correcting out from oversold levels, with the cross now consolidating back above the 20-Day SMA. Nevertheless, the current bounce can only be classed as corrective, with the market potentially looking to carve out the next lower top below 143.00, ahead of some bearish continuation. Key short-term levels to watch above and below come in by 138.00 and 135.00 respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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