(141,45) The GBP/JPY confirmed a strong closing last night after a 142,50 overshooting where it found some resistance. The slope of the move up is very steep and dangerous!! The indicators of the daily chart are still well positive but still heavy overbought; last time we had such levels was only back in October 1996!! Those of the weekly chart are also well overbought and however showing a potential negative reversal!! The indicators of the s/t charts are instead already below the line this morning suggesting some consolidation/ correction. Only an hourly closing below 141,30 will however favour lower levels with the support line at 140,45 the first attraction before the 200 hours line at 138,91. An hourly closing above 142,00 will instead resume the move up suggesting a s/t target at 145!! We still expect a firm correction, keeping therefore the short position that we evaluated at the year-end settlement putting most of the loss into last year p&l!!
Click here to read the full report: GBPJPY 01.03
Future Trend Research