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GBP/JPY Classical Technical Report 10.17

GBP/JPY Classical Technical Report 10.17

2011-10-17 06:44:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPJPY_body_gbpjpy2.png, GBP/JPY Classical Technical Report 10.17

GBP/JPY: Setbacks have finally managed to stall out for now by fresh record lows at 116.80 ahead of the latest bounce. The break back above 120.85 is significant as it has triggered the formation of an inter-day double bottom that projects additional upside towards 125.00 over the coming days. Look for any intraday declines to now be well supported above the previous resistance at 120.80, with only a daily close back below 120.00 to give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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