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GBP/JPY Classical Technical Report 09.07

GBP/JPY Classical Technical Report 09.07

2011-09-07 06:12:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical Technical Report 09.07

GBP/JPY: The market remains under pressure for the time being and could be on the verge of a fresh downside extension below 123.30 and back towards some more significant multi-day range support in the 122.00’s. However, any additional declines below 122.00 should be limited, with the greater risk for yet another bounce by the range lows in favor of a significant upside reversal. Officially however, a break back above 127.35 is now required to relive short-term downside pressures.

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

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