GBP/JPY Weekly Technical Report 27-31/5/2013

The GBPJPY pair continues to move lower, resolving the bearish divergence seen on RSI momentum indicator. The move may extend further towards the 50-days SMA at 150.00 area, followed by the key horizontal support and previous high at 148.00. Accordingly, we maintain our bearish view for the pair this week as well.

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches more than 80% of target before triggering entry, signal is canceled and not valid anymore.

*Allow for +,- 5 points margin