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Technical Analysis: Currencies

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GBP/JPY

Tue, Oct 27 2009, 15:26 GMT
by Nicole Elliott

Mizuho Corporate Bank


Comment: Leading the pack and the one with the neatest price action of all the Yen crosses. Rallying strongly from decent support between 140.00 and 142.00, retracing half of the declines since August. This, combined with the daily Ichimoku ‘cloud’ (note how much bigger it gets over the coming month) should send this pair down again, hopefully quickly. Though moving averages have crossed to bullish, these should provide resistance to the Lagging Span so watch for an interim top to form around 152.00 this week. Also look for confirmation from other Yen crosses which ought to at least display signs of instability, or better still reversal formations, in the weekly candles.

A weekly close above 154.00 would force us to review.


Archive

  • GBP/NOK
    Published On Thu, Oct 29 2009, 13:18 GMT
  • EUR/GBP
    Published On Thu, Oct 29 2009, 13:17 GMT
  • GBP/JPY
    Published On Tue, Oct 27 2009, 15:26 GMT
  • EUR/GBP
    Published On Thu, Oct 22 2009, 12:45 GMT
  • NOK/SEK
    Published On Tue, Oct 13 2009, 10:26 GMT
  • [ View All ]

Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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