Special Focus GBPJPY

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Sunday, 16th of Oct, 2011
SPECIAL FOCUS GBPJPY
FXTechstrategy Team
info_at_fxtechstrategy.com
GBPJPY Follows Through On Rejection Candle,
Scope Seen Towards 123.27 Level. GBPJPY With
GBPJPY following through higher and triggering a
corrective recovery the past week, scope for
further strength is now seen towards its nearby
resistance at the 123.27 level, its Aug 10 2011
low. This is coming on the back of its previous
week rejection candle formation. A decisive break
and close above the 123.27 level will extend its
corrective recovery possibly towards the 125.05
level, its Sept 062011 high. Further out,
resistance comes in at the 127.31 level, its Aug
222011 high. Its weekly RSI is bullish and
pointing higher supporting this view.
Alternatively, the risk to this analysis will be
a return to the 116.78 level where a decisive
violation will call for a run at the 115.00 and
114.00 levels, all representing its psycho
levels. All in all, though the cross continues to
maintain its long term downtrend, it now faces
corrective recovery risk of its recent
declines. To read the full version of this 7
model currency analysis click here FXT Technical
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