by Fri, 29 Oct 2010 02:22:00 +0200
Forex: GBP/JPY correction holds above 129.00
FXstreet.com (Barcelona) - Pound's dominant downtrend against JPY from 135.00 on Sept 17 found a bottom at 126.45 on Oct 25, hitting a fresh 20 months low. The British Pound, spurred by upbeat GDP in Q3 earlier this week, staged a comeback towards 129.50 on Oct 26 before retesting lower ground at 128.00 the next day. The relentless attitude from GBP bulls paid-off though, as the pair regained 129.00, where it consolidates now.
From a technical perspective the 4CAST analysis team said: “GBP/JPY corrective upmove staged whole of this week is still in play with the bounce from last session's low of 128.02 shifting focus towards 129.59 resistance ahead of the daily resistance line behind at 130.00 and ability to clear the latter will unleash another round of strong buying
| Technical Analysis (2010-10-29 00:15 GMT) | |
|---|---|
GBP/JPY 129.11/129.15 - O: 127.5 H: 127.58 L: 127.4 C: 127.495 | |
| Trend | R3: 129.78 |
 | R2: 129.45 |
| R1: 129.13 | |
| S1: 128.40 | |
| S2: 128.72 | |
| S3: 129.05 | |
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