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GBP/JPY Classical Technical Report 09.02

GBP/JPY Classical Technical Report 09.02

2011-09-02 05:51:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical Technical Report 09.02

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 the recent range lows at 123.30 would delay and give reason for concern, while a daily close back above 127.50 confirms bias and should accelerate.

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

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