GBP/JPY Classical 02.03
GBP/JPY:As per our analysis in the previous week, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 132.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 135.00. Ultimately, a close back above 135.00 or below 125.00 will be required to force a shift in the structure. In the interim, we remain sidelined and await a clearer signal.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail email@example.com and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.