GBPJPY: Headed Towards The 134.78/136.03.
GBPJPY: As a recovery momentum continues to build up pushing the cross through its minor resistance at 133.22 today,
risk of further strength now targets the 134.78 level, its May 18’10 high. The current momentum built up is coming on the back of a sustained hold above its 2010
low at 126.69. On a decisive break above the 134.78 level, further upside gains should shape up towards its May 15’10 high at 136.03 where a violation will set the stage for more strength towards the 140.54 level, its May 10’10 high. This level is expected to cap gains and turn the cross lower again. Its daily
stochastics is
bullish and pointing higher suggesting further strength. On the downside, the risk to our corrective upside view will be a break and hold above the 126.69 level. This will resume its medium term downtrend towards its 2009 low at 118.80 and even lower. All in all, though still retaining its broader medium term downtrend bias, it is now facing corrective recovery highe.
GBPJPY: As a recovery momentum continues to build up pushing the cross through its minor resistance at 133.22 today, risk of further strength now targets the 134.78 level, its May 18’10 high. The current momentum built up is coming on the back of a sustained hold above its 2010 low at 126.69. On a decisive break above the 134.78 level, further upside gains should shape up towards its May 15’10 high at 136.03 where a violation will set the stage for more strength towards the 140.54 level, its May 10’10 high. This level is expected to cap gains and turn the cross lower again. Its daily stochastics is bullish and pointing higher suggesting further strength. On the downside, the risk to our corrective upside view will be a break and hold above the 126.69 level. This will resume its medium term downtrend towards its 2009 low at 118.80 and even lower. All in all, though still retaining its broader medium term downtrend bias, it is now facing corrective recovery higher.
This is an excerpt from FXT Technical Strategist Plus (The Professional Suite package), a 7-currency model analysis utilized by all levels of traders. View the service information
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
