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GBP/JPY Technical Strategy: Flat
Support: 180.18, 178.39, 177.28
Resistance: 181.64, 183.09, 184.88
The British Pound paused its advance against the Japanese Yen, issuing the largest decline in two weeks. Near-term resistance is at 180.64, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 183.09. Alternatively, a push below the 38.2% Fib at 180.18 opens the door for a test of the 23.6% retracement at 178.39.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
---------- Post added at 08:02 PM ---------- Previous post was at 07:31 PM ----------
The pair failed to break above 181.40 so far, and is showing a slight bearish bias affected by the negativity of RSI and MACD, but Linear Regression Indicators are still positive so we favor the upside move in the coming period, while breaching 181.40 pushes the pair towards 184.55 mainly. The bullish extension depends on stabilizing above 178.85.
---------- Post added at 08:06 PM ---------- Previous post was at 08:02 PM ----------
Support 180.25 179.90 178.85 177.85 177.50
Resistance 181.40 181.80 182.85 183.70 184.55
Recommendation
Positive expectations above 181.40, risk-limit below 180.25.
---------- Post added at 08:15 PM ---------- Previous post was at 08:06 PM ----------
With the recent leap into the pair prices, the horizontal support turned resistance, at 181, comes again into play and a possible break of the same can be expected considering the GBP strength and a steady rise of RSI. Should it closes above 181, the pair can immediately rally towards 182.30 before testing the 23.6% Fibonacci Retracement of its October – December 2014 up-move, near 184.50, with 183.30 could provide intermediate resistance to the pair. Given the pair becomes unable to close above 181, 100-day SMA, near 180.30 is likely immediate support for the pair, breaking which 178.80 – 178.75, encompassing 50% Fibo, is likely support before the pair falls to 61.8% Fibo. near 176.30 support.
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analysis for today 2 / 11 / 2015
GBPJPY
Resistance : R1 182.74 R2 182.99 R3 183.19 R4 183.49
Support : S1 181.68 S2 181.43 S3 181.23 S4 180.93
Open : 182.17
High : 182.43
Low : 181.99
Range : .44 Pips
Running Price : 182.23
Strategy : SELL at the level 182.23 stop loss at the level 182.74 target take profit at the level 181.23 or at the level 180.93
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Daily Forecast
Pair: GBPJPY
Major Trend: Bullish
Time Frame: H1
Reason: Stochastic has reached saturation point overbought area. It is estimated, the market will still be used in 182.40 correction, before continuing the bullish movement to 183.53
Recommendation: Buy limit in 182.40
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GBPJPY begins to reach targets
The GBPJPY pair kept its stability above the moving average 55 to gain strong positive momentum and rally towards the first target at 182.45, and in general, the bullish bias will remain valid for the upcoming period waiting for the second target at 184.00.
Stochastic return to settle within the overbought levels adds more positive pressure on the pair to allow it to surpass the current level and rally towards the expected target.
Expected trading range for today is between: 181.60 and 184.00
Expected trend for today: Bullish
---------- Post added at 09:24 AM ---------- Previous post was at 09:06 AM ----------
GBP/JPY Daily Outlook
Daily Pivots: (S1) 180.85; (P) 181.54; (R1) 182.85
4H
Intraday bias in GBP/JPY remains on the upside for the moment. Current rise from 175.49 should extend to test on 187.79/189.70 resistance zone. We'd expect strong resistance from there to bring reversal. Meanwhile, below 180.15 minor support will turn bias back to the downside for 175.49.
---------- Post added at 12:35 PM ---------- Previous post was at 09:24 AM ----------
D1
In the bigger picture, the up trend from 116.83 is starting to lose medium term momentum again with bearish divergence condition seen in weekly MACD. Medium term top could be around the corner, if not formed. Break of 168.01 support will confirm this bearish case and bring deeper correction. Though, as long as 168.01 holds, the up trend could still extend to 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level.
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I think that we can get in short position from the 61.8 level of ibonacci ratios at 184.20 with take profit at 175.50.
http://i.imgur.com/SK3xEJf.png
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The pair breached 181.40 and closed the daily candle above it, supporting the bullish expectations on the short and intraday basis, targeting next 184.55. Linear Regression Indicators are still supporting the expected bullishness that requires stability above 181.40.
---------- Post added at 06:48 PM ---------- Previous post was at 06:40 PM ----------
Support 181.80 181.40 180.25 179.90 178.85
Resistance 182.85 183.70 184.55 185.65 186.10
Recommendation
Positive expectations above 181.40, risk-limit below 180.25.
---------- Post added at 07:05 PM ---------- Previous post was at 06:48 PM ----------
Talking Points:
GBP/JPY Technical Strategy: Flat
Support: 181.64, 180.18, 178.39
Resistance: 183.09, 184.88, 187.79
The British Pound appears set to test above the 183.00 figure against the Japanese Yen after rising to the highest level in over a month. A daily close above the 61.8% Fibonacci retracementat 183.09 exposes the 76.4% level at 184.88. Alternatively, a reversal below the 50% Fib at 181.64 opens the door for a test of the 38.2% retracement at 180.18.
While entering long seems tempting, we will tactically opt to stand aside. A strong correlation between GBPJPY and the S&P 500 stock index hints at a high sensitivity to sentiment trends. That makes a long trade vulnerable to the breakout of risk aversion if upcoming negotiations between Greece and the EU are unsuccessful. With that in mind, we will stand aside.
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analysis for today 2 / 12 / 2015
GBPJPY
Resistance : R1 183.52 R2 183.77 R3 183.97 R4 184.27
Support : S1 182.84 S2 182.59 S3 182.39 S4 182.09
Open : 183.52
High : 183.59
Low : 182.77
Range : .82 Pips
Running Price : 182.78
Strategy : SELL at the level 182.78 stop loss at the level 183.52 target take profit at the level 182.39 or at the level 182.09
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GBP/JPY Daily Outlook
Daily Pivots: (S1) 182.32; (P) 183.14; (R1) 184.28
4H
With 180.15 minor support intact, rise from 175.49 is expected to extend higher to test on 187.79/189.70 resistance zone. We'd expect strong resistance from there to bring reversal. Meanwhile, below 180.15 minor support will turn bias back to the downside for 175.49.
---------- Post added at 12:36 PM ---------- Previous post was at 12:15 PM ----------
D1
In the bigger picture, the up trend from 116.83 is starting to lose medium term momentum again with bearish divergence condition seen in weekly MACD. Medium term top could be around the corner, if not formed. Break of 168.01 support will confirm this bearish case and bring deeper correction. Though, as long as 168.01 holds, the up trend could still extend to 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level.
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GBPJPY Analysis & Signals 12/02/15
Order BUY ABOVE
BUY LIMIT
Buy at 182.12
Take Profit at 182.75
Stop Loss at 181.55
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The pair approached our key awaited target 184.55 and is showing a slight bearish bias affected by the negativity of RSI. Generally, holding above 181.40 makes us favor the upside move in the coming period, and breaching 184.55 extends the bullish wave towards 187.25.
---------- Post added at 07:27 PM ---------- Previous post was at 07:14 PM ----------
Support 182.85 181.80 181.40 180.25 179.90
Resistance 183.70 184.55 185.65 186.10 187.25
Recommendation
Positive expectations above 181.40, risk-limit below 180.25.
---------- Post added at 07:51 PM ---------- Previous post was at 07:27 PM ----------
GBPJPY touches the target
The GBPJPY pair rallied yesterday to reach the waited target at 184.00 that represents 50% Fibonacci level – for the bearish wave from 250.84 to 116.90-, which forms an obstacle against the bullish trading, thus, we expect some fluctuations until gathering new bullish momentum to head towards 187.10.
Therefore, we recommend monitoring the price behavior and wait to achieve the required breach.
Expected trading range for today is between: 182.20 and 184.00
Expected trend for today: Sideways
---------- Post added 02-13-2015 at 03:15 AM ---------- Previous post was 02-12-2015 at 07:51 PM ----------
Talking Points:
GBP/JPY Technical Strategy: Flat
Support: 181.64, 180.18, 178.39
Resistance: 183.09, 184.88, 187.79
The British Pound is pushing higher for a second consecutive day against the Japanese Yen, with prices on pace to clear a path toward the 185.00 figure. Near-term resistance is at 183.09, the 61.8% Fibonacci retracement, with a break above that confirmed on a daily closing basisexposing the 76.4% level at 184.88. Alternatively, a turn below the 50% Fib at 181.64 clears the way for a challenge of the 38.2% retracement at 180.18.
Entering long seems premature absent confirmation of a resistance break. Furthermore, the correlation between GBPJPY and the S&P 500 stock index warns the pair may sink if risk aversion breaks out following a Greece-focused meeting of Eurozone finance ministers today. With that in mind, we will stand aside.
---------- Post added at 03:29 AM ---------- Previous post was at 03:15 AM ----------
GBP/JPY Technical Analysis: Pound Pauses to Digest Gains
Talking Points:
GBP/JPY Technical Strategy: Flat
Support: 183.09, 181.64, 180.18
Resistance: 184.88, 187.79, 189.70
The British Pound paused to digest gains after rising to the highest level in six weeksagainst the Japanese Yen. A daily close above the 76.4% Fibonacci retracementat 184.88exposes the December 29 high at 187.79. Alternatively, a reversal below the 61.8% Fib at 183.09 opens the door for a test of the 50% retracement at 181.64.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Spoiler: