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GBP/JPY Classical Technical Report 02.06

GBP/JPY Classical Technical Report 02.06

2012-02-06 05:53:00
Joel Kruger, Technical Strategist
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gbpjpytechs_body_gbpjpy.png, GBP/JPY Classical Technical Report 02.06

GBP/JPY: The latest setbacks have been very well supported ahead of the record lows at 116.80 from September, with the market reversing course and potentially looking to carve a fresh base. For now, the underlying trend remains grossly bearish, but there is room for this correction to extend, with a break back above 122.05 to officially alleviate immediate downside pressures. Interday setbacks should now be well supported ahead of 118.00, while only back under 117.25 negates and gives 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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