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GBP/JPY Classical 05.20

GBP/JPY Classical 05.20

2010-05-20 06:15:00
Joel Kruger, Technical Strategist
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gbpjpy2

GBP/JPY: The market has been gradually channeling lower since August 2009, making a series of lower highs and lower lows. The latest break to fresh 2010 lows below 132.00 now sets up a fresh medium-term lower top by 146.00, potentially opening the next major downside extension towards the historic lows from 2009 by 118.85 over the coming days. For now, look for any inter-day rallies to be well capped ahead of 135.00, in favor of the next drop below 130.00. 

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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