Gbp/Jpy in the longer term

i have been asked about this particula pair, and the chances of a bullish continuation. Krishna says:
I am counting this way
1st wave starting point - 250 to 220
2nd wave - 220 to 240
3rd wave -240 to 192
4th wave - 192 to 215.70
5th wave - 215.70 to 185
now A-B-C correction should come atleast 50-60% of entire rally which may take this pair above 220 levels. Either JPY will depreciate to 113 levels or else GBP may appreciate to above said levels to 1.93/97 levels
So, taking a look at weekly charts, what I can see there is that: above the 198 levels, that the pair is targetting right now, we can see a major correction underway, not exaclty to the 220 levels, maybe better approaching to the descendant trend line around 210.00 but bullish finally. Indicartors are also turning downside up so above the mentioned key zone around 198.00 you have a point. But […]

Original post by Valeria Bednarik

This entry was posted on Thursday, September 25th, 2008 at 7:32 am and is filed under Gbp/Jpy, Long-Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.