GBP/JPY Weekly technical Outlook
14 November 2009 @ 12:24 pm EDT
GBP/JPY was a touch softer last week but after all, it's still bounded in familiar range. Nevertheless, we're slightly favoring the bearish case that rebound from 139.69 has completed at 153.21 already. Initial bias is mildly on the downside this week and break of 148.23 minor support will target 146.36 first. Break there will confirm that fall from 153.21 has resumed for 144.51 support next. However, note that break of 151.72 resistance will dampen this bearish view and in turn indicates that choppy price actions from 153.21 are merely consolidations only and should have completed. In such case, retest of 153.21/154.13 resistance zone should be seen next.