Special Focus GBPJPY 11 05 11

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GBPJPY – The cross ended the week higher following a strong rally through its key resistance at the 122.61 level, its Oct 17’2011 high and setting the stage for further upside gains.

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Slide 1:

1 Saturday , 05th of Nov, 2011 SPECIAL FOCUS GBPJPY GBPJPY: Sees Bullish Momentum, Upside Risk Set For Key Resistance GBPJPY – The cross ended the week higher following a strong rally through its key resistance at the 122.61 level, its Oct 17’2011 high and setting the stage for further upside gains. GBPJPY has been under bull pressure since starting its corrective recovery from the 116.78 level, its Oct 22’2011 high and with that recovery remaining intact, further gains are likely towards its Oct 31’2011 high/daily 200 ema at 127.30/21. This will resume its short term uptrend towards the 128.85 level, its Aug 08’2011 high and subsequently, the 130.78 level, its Aug 04’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, on any pullbacks, support resides at the 122.61 level, its Oct 17’2011 high where a reversal of roles is expected to occur and push the cross back up. A break below here if seen will reverse its present bullish offensive and then create scope further declines towards the 125.05 level, its Sept 06’2011 high. Further down, support comes in at the 119.94 level, its Oct 18’2011 with a cut through there allowing for further downside towards the 116.78 level. All in all, the cross continues to maintain its short term recovery theme started from the 116.78 level. To read the full version of this 7 model currency analysis click here FXT Technical Strategist Plus FXTechstrategy Team [email protected] www.FXTechstrategy.com The Ultimate Technical Research On Forex

Slide 2:

2 This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report. Click here for full disclaimer