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GBP/JPY Classical Technical Report 05.16

GBP/JPY Classical Technical Report 05.16

2012-05-16 06:55:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPJPY_body_gbp.png, GBP/JPY Classical Technical Report 05.16

GBP/JPY: The corrective pullback from the March 133.50 highs looks to have finally found solid support in the 127.00 area and from here we look for the formation of a medium-term higher low in favor of the next upside extension, eventually back above 133.50. Ultimately, only a weekly close below 127.00 would negate and give 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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