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76.4% Support in GBP/JPY Still Turning Bears Away

11 November 2010

 

The FX Specialist view -

 

WEEKLY CHART See how the downmove in 2010 has continued to fail to hold below the 76.4% level when tested/eroded.

We here show the 23.6% recovery level of the 2009/2010 decline, around 135.00. A break through this would provide the first bull sign.

Now see Daily chart...

 

DAILY CHART:

Recent weakness failed to hold below the prior 126.73 May low, with that long term 76.4% level also having a residual supporting influence.

Focus has again turned on the bear channel tops near 133.00 currently, now tested. However, more key is the 135.00 area, where the 17-Sep high coincides with the 23.6% recovery level to provide dual resistance - a break above this would provide an initial bull signal here.

 

 

Philip Allwright

Mark Sturdy

Seven Days Ahead

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