GBP/JPY Classical Technical Report 01.12
GBP/JPY: Overall, this market remains very well offered on any form of a rally, with the latest setbacks below 120.00 opening the door for a retest of the critical record lows from September by 116.80. However, at this point we would caution bears as daily studies are looking stretched and there is still risk for a more sizeable corrective bounce. Nevertheless, a break back above 120.30 would be required to relieve immediate downside pressures.
--- 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.