by Fri, 27 May 2011 05:23:00 +0200
Forex: GBP/JPY possible weakness ahead - FXTechstrategy
FXstreet.com (California) - GBP/JPY is under pressure. Having opened the Asian trade at 133.31, the pair is now creeping lower, trading just above the 20-day EMA in the 133.00 zone, 30 pips below its opening price.
“Although GBPJPY has halted its corrective weakness started from the 139.99 level, its April’2011 high and triggered a recovery higher off the 130.25 level, its May 13’2011 low, further upside gains must be established to convince the market that a bottom is really in place,” comments Mohammed Isah at FXTechstrategy. “All in all, GBPJPY remains vulnerable to the downside despite its present recovery attempts.”
Support: 132.84 (May 6 high), 132.51 (May 18 high) and 132.04 (May 13 high) Resistance: 133.76 (April 19 low), 134.04 (April 27 low) and 134.22 (April 20 low).
| Technical Analysis (2011-05-27 03:00 GMT) | |
|---|---|
GBP/JPY 133.03/133.09 - O: 132.47 H: 132.54 L: 132.32 C: 132.4 | |
| Trend | R3: 133.84 |
 | R2: 133.50 |
| R1: 133.17 | |
| S1: 132.40 | |
| S2: 132.74 | |
| S3: 133.07 | |
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