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Currency Outlook: GBPJPY

May 05, 2011 10:23 PM ET
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GBPJPY: Remains Vulnerable.

– With the cross cutting through the 132.96 level, its April 18’2011 low mid week and following through lower on Thursday, further downside weakness remains a possibility below that level.Though it was seen attempting to recover higher during early Asian trading on Friday, GBPJPY remains biased to the downside as long as it holds below the 132.96 and the 136.97 levels, its April 28’2011 higher. This leaves the risk to the downside towards the 130.19 level, its Mar 25’2011 low with a violation of there turning attention to the 127.52 level, its Mar 18’2011 low. Alternatively, a violation of the 132.97 and the 136.97 level will be required to reduce its present downside pressure and bring gains towards the 139.99 level traded in early April 2011. Above this level if seen will resume its medium term uptrend and open the door for more strength towards the 142.00 level, its psycho level with a break creating scope for further price extension towards the 145.95 level where its April 2010 high is located. All in all, GBPJPY remains vulnerable to the downside as corrective weakness remains intact.

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