GBPJPY – The risk of further upside offensive continues to be seen as the cross closed higher the past week and looks to recapture its minor resistance at the 123.15 level. A violation of there will call for a run at the 124.06 level, its Nov 14'2011 high followed by its Nov 08'2011 high at 125.60. Further out, resistance lies at the 127.30/21 levels. A breather is expected to occur here and turn the cross back down. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, the risk to this analysis will be a break and hold below the 122.02 level, its Jan 25'2012 high. Further down, its Jan 30'2012 low at 119.57 will come in as the next downside support and subsequently the 117.26 level and next the 116.78 level, its Sept 22'2011 low. All in all, the cross remains biased to the upside on further corrective recovery nearer term.
Mohammed Isah
Market Analyst
http://www.fxtechstrategy.com/
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's 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 the author incur any responsibility. The 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
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