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GBP/JPY Classical Technical Report 03.19

GBP/JPY Classical Technical Report 03.19

2012-03-19 06:47:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPJPY_body_gbpjpy2.png, GBP/JPY Classical Technical Report 03.19

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 unwinding from stretched levels and we look for the market to start to pull back over the coming days before a fresh upside extension. There is some good resistance above 132.00 which could ultimately cap for now. Look for setbacks to be well supported above the 100-Day SMA.

--- Written by Joel Kruger, Technical Currency Strategist

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

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