Tuesday March 23, 2010 - 19:53:39 GMT
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FXTimes: Daily Technical Update GBP/JPY Targets 132.30 and 128.50
GBP/JPY Targets 132.30 and 128.50
- 4H: The GBP/JPY pair started to decline last week, and was testing a rising support. (Refer to Weekly Technical Update 3.19.2010).
So far this week, the pair dipped below rising support, rebounded for a
pullback after reaching 135.00, and finished its pullback at 136.50.
- The pair now looks ready to continue declining, as the stochastic
is out of oversold, and crossing back under. A projection in the
short-term is to the 132.30 area, the previous consolidation zone.
- One further confirmation may be the ability to close below 135.00.
- Daily: As mentioned on Friday, a swing projection brings the pair to the 128.20-128.50 area.
- The stochastic remains bearish and signals continuation after
correction. So far the stochastic in daily and 4H are lined up to be
bearish. The Moving averages are also oriented in a bearish mode.
(SMA200 is above SMA50).
- If the short-term target at 132.30 is reached, and that support breaks, this decline to 128.50 may follow.
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