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| DAILY GBPJPY CROSS as of MCH 21 '12 |
UPDATE: The same holds true for the GBPJPY cross as it had touched its 2nd objective and above the 133.00 range we mentioned from the opening trading day. The extension price at 133.46 may likewise find some temporary pullbacks as position liquidation & settlements may meet some speculative shorts aiming for some stronger pullbacks from this high.
However, going against the current trend may prove to be fruitless unless risk tolerance if in case it moves towards the levels of 134.80 and equivalent price of the USDJPY at the objective of 85.10 resistance levels. Although, the GBPJPY has proven to have a more profit potential compared with the relative movement of the EURJPY. But both positions taken then on the 12th of March also defined the actual trend of the EURJPY from our previous liquidation at the 108.11 from a low of 105.55 pivotal support price. The daily chart formation so far shows no indication of a price reversal, but we do find a "pullback from these higher levels" towards the end of the week & month trading. We do have a five (5) trading weeks to offset the trading holiday schedule for the coming holy week this April. Watch for the closing prices on both the cross rates and majors for the end of the 1st quarter.
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