Daily Technical Stategist GBPJPY by fxtechstrategyteam

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									 Friday, 25th of Nov, 2011                                FXTechstrategy Team
                                                        info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
          EURUSD
                            GBPJPY: Breaks The 119.94 level, Set
                            To Weaken Further .

                            GBPJPY – With the 119.94 level, its Oct
                            18’2011 taken out following its early
                            morning trading today, further declines is
                            likely in the days ahead. A hold below the
                            119.94 level will set the stage for further
                            weakness towards the 116.78 level and
                            possibly lower towards the 115.00 level, its
                            psycho level. Its daily and weekly RSI are
                            bearish and pointing lower supporting this
                            view. Alternatively, the pair will have to
                            break and hold above the 127.30/21 levels
                            to halts its bear threats and bring further
                            strength towards the 128.85 level, its Aug
                            08’2011 high and subsequently, the 130.78
                            level, its Aug 04’2011 high. All in all, the
                            cross faces further bear threats as it
                            continues to weaken.

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