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GBP/JPY Classical Technical Report 10.12

GBP/JPY Classical Technical Report 10.12

2011-10-12 06:39:00
Joel Kruger, Technical Strategist
Share:
Daily_Classical_GBPJPY_body_gbpjpy2.png, GBP/JPY Classical Technical Report 10.12

GBP/JPY: Setbacks have finally managed to stall out for now by fresh record lows at 116.80 ahead of the latest minor bounce. The key level to watch now comes in by 120.85 and should the market manage a break above, this will confirm some short-term basing and trigger an inter-day double bottom that projects additional upside towards 125.00 further up. Inability to establish above 120.85 will however keep the pressure on the downside and expose fresh record lows by psychological barriers at 115.00

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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