Standard pivots
GBPJPY
R3 128.037
R2 127.14
R1 126.244
PIVOT 124.568
S1 123.672
S2 121.996
S3 121.1
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Standard pivots
GBPJPY
R3 128.037
R2 127.14
R1 126.244
PIVOT 124.568
S1 123.672
S2 121.996
S3 121.1
from 251.09 is treated as resumption of multi decade down trend. Current development gives no indication of medium term reversal yet and GBP/JPY would likely drop towards 100 psychological level on down trend resumption.
Before a jerk to the north a couple of little subsided, and now approaching its resistance level of 125.70, the MACD histogram starts to grow and has crossed its zero point, so that the breakdown of the level I think the way to 127.70 will be open ....
It is no doubt that this pair danced to my tune last week friday. Looking forward to this week, I will advice all to check for a retest of 128.00 this week, Let your stop loss be about 123.50, By next week i will pots again.
on the H4 chart shown , i think we have a false breakout , and i think also if the pair close below the shown bearish trend و and below the resistance level 50% we will have more bearish direction again in the next few hours till reach the bullish trend and test it ,
Attachment 1989
GBP / JPY pair finds difficulty in overcoming the resistance levels at 125.39, if the pair closing above these levels, you'll see more of the Ascension
http://www2.0zz0.com/2012/07/03/12/368942607.png
There are lots of releases from Great Britain in European Session, high volatility is expected, pair is trading higher today and placed 125.45 high, in extension 126 could be the target but 125.77 is strong resistance and pair will be rejected as I am expecting, downward 124.70 is strong support...
from the daily chart of GBPJPY we can see that we should sell now as we have a resistance level @50% so i predict that GBPJPY will move downward until it reach our the moving up trend where we can close the sell deal .
GBP / JPY, as I said yesterday that the husband finds it difficult to exceed the levels of 125.39 the pair returned at these levels to drop even touching the Fibonacci level of 38 to fall back a bit then I expect to continue to fall much more as long as the did not close above the resistance levels
http://www3.0zz0.com/2012/07/04/17/197946983.png
Couple on a 4 hour chart has formed a converging triangle, yesterday the course was able to fend off the top of the line and continues to fall to the south, the southern end of this wave should be expected near the lower boundary of the triangle.