GBP/JPY Classical Technical Report 05.18

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By Joel Kruger, Technical Strategist 18 May 2012 06: 25 GMT GBP/JPY: The corrective pullback from the March 133.50 continuous highs, and at this point, the close below the 100 - Day SMA could open the door for a more significant decline below 125.00 over the coming days. However, with daily studies now looking clay, we still hold onto a constructive outlook and will look for setbacks to stall out over the coming sessions in anticipation of a major bullish reversal. Goal back above 11,128.00 is now required at a minimum to relieve immediate downside pressures.

-Written by Joel Kruger, Technical Currency Strategist

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18 May 2012 06: 25 GMT

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