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GBP/JPY Classical Technical Report 09.16

GBP/JPY Classical Technical Report 09.16

2011-09-16 05:13:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical Technical Report 09.16

GBP/JPY:The latest acceleration of declines has opened the door for a fresh bout of weakness to multi-month lows below 122.00. Next key support comes in by the 2009 record lows at 118.80 and although technical studies are looking stretched on a daily basis, we can not rule out the possibility for a drop to test this major psychological barrier before any consideration for a corrective bounce. Ultimately, a break back above 125.00 will now be required to officially alleviate short-term downside pressures.

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

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