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GBP/JPY Classical 07.12

GBP/JPY Classical 07.12

2010-07-12 05:53:00
Joel Kruger, Technical Strategist
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GBP/JPY: It looks as though a meaningful base has been carved out by 126.75, with the market recovering quite impressively since. The latest pullback off of 136.40 has now been supported ahead of 130.00 and a fresh higher low could be in the process of carving out ahead of the next upside extension beyond 136.40. Only back below 130.00 negates short-term bullish outlook.

 

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