GBPJPY – Holds Above Its Falling Channel With Hesitation
GBPJPY – Although the cross has returned above its long-term falling channel, price hesitation saw it turning off higher prices to close lower on Thursday at 132.20..…
GBPJPY – Holds Above Its Falling Channel With Hesitation.
GBPJPY – Although the cross has returned above its long-term falling channel, price hesitation saw it turning off higher prices to close lower on Thursday at 132.20. Our bias remains higher for the recapture the 134.18 level, its Nov’2010 high and as long as it continues to hold above its LT channel, we see an eventual violation of that level. This will create scope for more strength towards the 137.76 level, its Aug 03’10 high and possibly higher towards its long-term resistance at the 145.94 level, its April 2010 low. On the other hand, if a failure occurs and a return into the channel occurs, the 129.33 level, its Nov 30’2010 low be targeted ahead. A break will set the stage for a further move lower towards the 127.95 level. Below that level will aim at its strong support standing at the 126.92 level, its Oct 25’10 low.
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