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GBP/JPY Classical Technical Report 12.21

GBP/JPY Classical Technical Report 12.21

2011-12-21 07:01:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPJPY_body_gbpjpy2.png, GBP/JPY Classical Technical Report 12.21

GBP/JPY: This market could be in the process of establishing a major base following the intense rally beyond the 122.50 area in recent weeks. However, the latest round of setbacks will need to hold above 120.00 for this newly adopted constructive outlook to remain intact. Otherwise, we could see risks for acceleration to fresh record lows below 116.80.

--- Written by Joel Kruger, Technical Currency Strategist

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

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