Forex Technical Update

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GBP/JPY 4H Chart 9/5/2012 8:45 AM EDT


The GBP/JPY has bee consolidating, but is now showing a bullish sign as it pushes above recent resistance at 124.80 as seen in the 4H chart. This also breaks a declining trendline that goes back to 4/2 high of 133.25. Now the sterling-yen is focused on the next resistance pivot at 125.50.

The daily chart shows that there is resistance between 125.50 and 125.80. These were the highs in June and early July when the market made a double top. Clearing above 125.80 opens up the 127 psychological handle up to the 127.10 pivot.

GBP/JPY Day Chart 9/5/2012 8:48AM EDT


Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

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