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GBP/JPY Classical 02.28

GBP/JPY Classical 02.28

2011-02-28 06:48:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical 02.28

GBP/JPY:As per our analysis in previous weeks, 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 135.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.

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

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