GBP/JPY Weekly Outlook

13 March 2010 @ 08:59 am EDT

GBP/JPY's recovery from 132.13 resumed last week and rose to as high as 138.04. Further rise could still be seen initially this week. But after all, we'd expect upside to be limited by 139.21 cluster resistance (38.2% retracement of 150.68 to 132.13 at 139.21, 61.8% retracement of 143.59 to 132.13 at 139.21) and bring fall resumption. Break of 133.89 minor support will will argue that whole decline from 163.06 is resuming for 118.81 low.

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