Special focus GBPJPY 11 05 11

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Saturday, 05th of Nov, 2011
SPECIAL FOCUS GBPJPY
FXTechstrategy Team
info_at_fxtechstrategy.com
GBPJPY Sees Bullish Momentum, Upside Risk Set
For Key Resistance GBPJPY The cross ended the
week higher following a strong rally through its
key resistance at the 122.61 level, its Oct
172011 high and setting the stage for further
upside gains. GBPJPY has been under bull pressure
since starting its corrective recovery from the
116.78 level, its Oct 222011 high and with that
recovery remaining intact, further gains are
likely towards its Oct 312011 high/daily 200 ema
at 127.30/21. This will resume its short term
uptrend towards the 128.85 level, its Aug 082011
high and subsequently, the 130.78 level, its Aug
042011 high. Its weekly RSI is bullish and
pointing higher suggesting further strength.
Alternatively, on any pullbacks, support resides
at the 122.61 level, its Oct 172011 high where a
reversal of roles is expected to occur and push
the cross back up. A break below here if seen
will reverse its present bullish offensive and
then create scope further declines towards the
125.05 level, its Sept 062011 high. Further
down, support comes in at the 119.94 level, its
Oct 182011 with a cut through there allowing for
further downside towards the 116.78 level. All in
all, the cross continues to maintain its short
term recovery theme started from the 116.78
level. To read the full version of this 7 model
currency analysis click here FXT Technical
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