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06-14-2012, 05:10 AM
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GBPJPY: Consolidates
GBPJPY – Although seen turning off ahead of the 124.32 level on Wednesday to close lower, it continues to retain most of corrective recovery gains. As long as it continues to hold above the 121.89 level, the risk is for it to return to the 124.32 level. Above here will aim at the 125.50 level and possibly higher. Its daily RSI is bearish and pointing higher suggesting further upside. On the downside, support lies at 121.89 level where a break will call for a run at the 120.00 level. Further down, support lies at its Jun’2012 low at 118.78 level followed by the 118.29 level and then the 117.26 level. All in all, the cross continues to hold on to recovery tone.
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Mohammed Isah Technical Strategist info@fxstrategy.com www.fxtechstrategy.com Note: This is an excerpt from The Professional Suite, our most popular service, a daily 7 currency model technical research package. Get More 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. 
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