GBP/JPY Classical Technical Report 02.27
GBP/JPY: The cross continues to show evidence of the formation of a meaningful base, with the latest topside acceleration blowing through a good deal of significant resistance levels in the form of the 200-Day SMA and critical multi-day highs from October 2011 at 127.35. Still, while we do see the market in the process of carving meaningful longer-term base, daily studies are now severely stretched and we look for the market to pullback over the coming sessions towards the 123.00-125.00 area to allow for studies to unwind and to allow for the formation of the next higher low ahead of a bullish resumption.
--- Written by Joel Kruger, Technical Currency Strategist
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