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GBP/JPY Classical Technical Report 05.23

GBP/JPY Classical Technical Report 05.23

2011-05-23 05:33:00
Joel Kruger, Technical Strategist
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GBPJPY_CLassical_body_gbpjpy2.png, GBP/JPY Classical Technical Report 05.23

GBP/JPY:Bearish price action over past few days certainly does a good job of compromising our constructive outlook. However, despite the market closing below the 100 and 200-Day SMAs, any setbacks below have been limited, and we prefer to give some more time before making any decisions with regard to trend shift. Instead, look for the cross to establish back above the longer-term SMAs ahead of the next major upside extension back towards 140.00. Ultimately, only a daily close back below 129.00 would negate and give reason for concern.

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

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