GBP/JPY - Next Targets 132.50

By: MIG Bank | Fri, Mar 16, 2012
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GBP/JPY has breached the 130.11 swing high to confirm the corrective low at 126.55, resuming the uptrend.

While 130.11 holds there is potential for an acceleration higher, with scope for an attack on the 135.11 reaction high (31st May) over coming sessions.

The big picture is bullish following completion of a major base pattern and so corrective weakness should be limited to the 126.55/127.32 region prior to fresh gains.

Failure to sustain gains above 126.55 would warn that the structure from 116.84 was a corrective phase, with risk then for a return to 121.69 initially.

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Author: MIG Bank

MIG Bank

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