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GBP/JPY Classical Technical Report 08.26

GBP/JPY Classical Technical Report 08.26

2011-08-26 04:08:00
Joel Kruger, Technical Strategist
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gbpjpy_techs_body_gbpjpy.png, GBP/JPY Classical Technical Report 08.26

GBP/JPY: Market setbacks have been very well supported on dips below 125.00 and we look for the formation of a fresh medium-term higher low around the psychological barrier ahead of the next major upside extension back towards and eventually through 140.00. Ultimately, only a weekly close below 125.00 would delay and give reason for concern, while a daily close back above 127.35 confirms bias and should accelerate.

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

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