GBJPY Probes Highs

by Ashraf Laidi

Mar 5, 2009 12:59

The recent break in the positive correlation between GBPJPY and equities has given away to a 12% gain in the cross pair, allowing it to close above the 100-day MA for the first time since August 2008. Although 141.80 resistance has held since December, I caution against a breach of this level at the next spurt in risk appetite, which tends to reward currencies whose central banks have already started quantitative easing. A breach towards 143.75 is possible amid a breach of 100 in USDJPY. Until then, downside remains biased towards 136.50. A BONUS TIP is to favour GBP vs CAD targetting 1.8250 from current 1.810.

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