Risk Aversion Bringing GBP/JPY to the Critical 127.00 Pivot
It is looking more and more apparent that the intervention is not able to cap Japanese strength in our current risk-off environment.
The GBP/JPY is pushed back to a critical support at 127.00. Falling below this and then 126.68 near the 61.8% retracement suggests bearish continuation.
If the market can hold below
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This entry was posted on Monday, August 8th, 2011 at 3:16 pm and is filed under Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.