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GBP/JPY Classical Technical Report 04.12

GBP/JPY Classical Technical Report 04.12

Joel Kruger, Technical Strategist
daily_classical_gbpjpy_body_gbp.png, GBP/JPY Classical Technical Report 04.12

GBP/JPY: The market is finally in the process of correcting following the latest surge to fresh 2012 highs by 133.50. From here, we see risks for further weakness towards the 125.00 area, but ultimately any additional setbacks should be well supported in favor of a resumption of the newly formed bullish trend. We contend the cross has carved a major cyclical bottom and the longer-term risks from here are for continued strength. Only back under 122.00 would delay outlook and give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.