Forex Technical Update July 5, 2010 GBP/JPY: Topped off at 133.80?
- 4H and 1H: The GBP/JPY pair may have topped off at the 133.80 level. In the 4H chart, this is the 61.8% retracement of the previous downswing. The market attempted break this level, but formed a topping action.
- The market has then declined and is now at 132.50 level, 50% retracement of the upswing that started last Thursday.
- If the market breaks below 132.20, it is likely to continue lower to 130, completing a swing projection.
- The 1H chart shows that in the near-term, we may have a bullish attempt. A bullish attempt can help determine whether the market topped off at 138.00, or whether this is a correction to be followed by a bullish continuation.
- If the market rallies above 133.50, then we may be still in a larger scale correction rally towards 134.50 area.
Fan Yang Currency Analyst Commodity Trading Advisor
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