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GBP/JPY Classical Technical Report 09.28

GBP/JPY Classical Technical Report 09.28

2011-09-28 06:11:00
Joel Kruger, Technical Strategist
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GBPJPY_Classical_body_gbpjpy2.png, GBP/JPY Classical Technical Report 09.28

GBP/JPY:The latest acceleration of declines has opened the door for a fresh bout of weakness to record lows below 118.80. Next key support comes in by major psychological barriers at 115.00 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. Still, technical studies are well oversold and taking shots to fade the current weakness could prove to be a highly profitable position at current levels. Ultimately, a break back above 125.00 will however be required to officially alleviate short-term downside pressures.

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

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