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| GBPJPY Cross as of Feb. 06, 2012 |
On the Technical perspective; the GBPJPY started of with the GBPUSD initial price reversal at 117.53 low; with a higher bottom at 119.55 serving as a good support, likewise a double bottom price level within a rising channel. The GBPJPY is a 2nd cross rate currency pair that has very market potential which has been shadowing the GBPUSD on its 1st leg of a price reversal. While breaking its trendline resistance and its current working price of 121.15 is above the 21WK-MA of 120.85 as shown of this candle chart of the GBPJPY on a Daily formation. The MACD is now on a positive tone after the movement while the cross awaits some follow through from the GBPUSD. Its initial attempt to its previous high of 121.85 may find some temporary resistance unless a USDJPY recovery would out pace the GBPUSD on the way up. A market behavior of the GBPUSD correlation with the Japanese Yen vs. the USDX would be the primary focus for the coming weeks ahead.
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