Showing posts with label GBPJPY. Show all posts
Showing posts with label GBPJPY. Show all posts

Wednesday, December 3, 2008

Will we see 120s for the GBPJPY?

Over the past few weeks I've been looking at the monthly chart of the GBPJPY and keep seeing how close we are to a 20+ years low for the pair.  January 1995 is when the pair made its lows of 129.32, what are the odds than in January 2009 we see the pair at the same or even lower levels? I think pretty good.  

The current monthly support level is standing at 134.94, the weekly is at around 137.80.  Over the past few weeks the GBPJPY has had several lows and bounced back from such lows as 138.99, 138.87, 137.65, the lowest of which came in today at 136.27.  Will this be the new low and a start of a major retracement upwards?  Or will the momentum pick up and the drop keep going to the lows of 1995?

From what we've seen from the charts, I think we are headed for new lows, that is why I am placing a sell at the 136 levels for the GBPJPY.

What are your thoughts?


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