As mentioned in my post http://you-buy-the-high-i-sell-the-low.blogspot.com/2009/02/gbpjpy-does-major-exporting-nation.html GBPJPY has indeed shown strength. The break above the neckline as shown in the above chart now targets our initial level near 158.00, however the recent structure is also typical of a substantial extension higher and could wind up targeting the 159.00 region.
This may tie in with USDJPY reaching it's double bottom target near 102.00. In any case both USDJPY and GBJPY look positive short term.
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