GBP/JPY Classical Technical Report 01.11
GBP/JPY: This market could be in the process of establishing a major base following the September break to record lows. However, the latest round of setbacks will need to hold above 118.00 for this newly adopted constructive outlook to remain intact. Look for a daily close back above 122.80 to confirm successful defense in the 118.00 area and open the door for a bullish resumption. Otherwise, a sustained break below 118.00 could open a break to fresh record lows below 116.80.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email firstname.lastname@example.org. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.