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21 May 2014
GBP/JPY: Strong sell signal, minimum target 164.26 - JPMorgan
FXStreet (Bali) - GBP/JPY has recently provided a strong sell-signal, notes Thomas Anthonj, FX Strategist at JP Morgan Securities.
Key Quotes
"GBP/JPY has provided a strong sell-signal, which we followed, via the latest break below 170.71 (weekly trend). This break is calling for a minimum decline to 164.26 and 162.61 (minor 38.2 %/c = a) with a realistic option to extend to 153.45/152.87 (38.2 % on higher scales)."
Key Quotes
"GBP/JPY has provided a strong sell-signal, which we followed, via the latest break below 170.71 (weekly trend). This break is calling for a minimum decline to 164.26 and 162.61 (minor 38.2 %/c = a) with a realistic option to extend to 153.45/152.87 (38.2 % on higher scales)."