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GBP/JPY Classical 02.10

GBP/JPY Classical 02.10

2011-02-10 07:39:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical 02.10

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 133.00 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

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