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Sterling's falls in the East

The pound's short-lived recovery against the yen is over and new losses beckon
May 30, 2012

Sterling's four-month long recovery against the Japanese yen may have ended, says Ragu Dharmaratnam of Baselica.

Both sterling/yen's 21- and 55-day moving averages are pointing downwards, while the price is also below its Ichimoku cloud, a Japanese variety of moving average. Once the rate breaks below 124, a drop to 122 and 117 may follow.