The drop in GBP / JPY from 122.56 has continued over the last week indicating that recovery from 119.37 has now ended. The strength of the down side is no longer convincing. With 121.78 resistance intact, it may provide a greater decline this week to a low of 119.37. A break will confirm the recovery of the entire fall from 127.30 and should be targeted to the minimum of 116.83. On the upside, the values ​​above 121.78 resistance smorzeranno this bearish view and lead to another rise to extend recovery to 119.37. In any case, the increase will be limited to 50% retracement of 127.30 to 119.37 to 123.33 and will lead to resumption of the fall.

There are no signs of a reversal in GBP / JPY, since it remains well below the 55 weeks of exponential moving average (now at 127.42). The down trend that began in 2007 with the maximum of 251.09 is still being continued up to 61.8% projection of 215.87 to 118.81 to 163.05, or 103.06, which is close to the psychological level of 100. On the upside, a break of 127.30 resistance will be needed to signal reversal in the medium term. Otherwise, the medium-term perspective will remain bearish even in the case of another bounce.

Related Articles:

• TECHNICAL ANALYSIS OF EURAUD 05/08/12
• TECHNICAL ANALYSIS OF AUDUSD 05/04/12
• TECHNICAL ANALYSIS OF THE EURGBP 05/03/12
• TECHNICAL ANALYSIS OF EURJPY 02/05/12
• TECHNICAL ANALYSIS OF AUDUSD 26/04/12
• TECHNICAL ANALYSIS OF USDCAD 04/12/24
• TECHNICAL ANALYSIS OF EURAUD 04/20/12
• TECHNICAL ANALYSIS OF USDCHF 19/04/12
• TECHNICAL ANALYSIS OF THE GBPUSD 12/04/17
• TECHNICAL ANALYSIS OF 4/12/12 USDJPY

Earn Money with Forex in less than 5 minutes a day

Service Forex Online Signals

English-Italian, with a simple online translator, and subscribe to FREE Forex Signals