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    GBP/JPY Technical Levels and Trading Recommendations for July 9, 2012

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    Technical outlook and chart setups:

    The EUR/JPY pair dropped lower to the level of 136.00 yesterday before pulling back higher. Please note that the pair has broken its interim support trendline, but is testing a 50-day moving average, leaving enough room for a rally from current levels. It is recommended to initiate 50% long positions with risk at the level of 135.00. Immediate support is seen at 135.50 followed by 134.80, 134.00, and lower while resistance is seen at 138.00 followed by 139.00, 140.00, and higher. The pair should remain in control of bulls until prices stay above 135.00 and 134.00.

    Trading recommendations:

    Initiate 50% long positions, stop is at 135.00, a target is open.

    Good luck!

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