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GBP/JPY Classical Technical Report 09.09

GBP/JPY Classical Technical Report 09.09

2011-09-09 08:54:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy.png, GBP/JPY Classical Technical Report 09.09

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, inability to establish below 122.00 followed by a break back above 127.35 would relieve downside pressures and confirm bullish bias.

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

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