Subscribegbp/jpy downtrend start by trying to test support at 180.70 area. Break down this area could bring down even further silver to next support line at 180.30. While the resistance area at 182.00.
Thread: Gbp/Jpy
gbp/jpy downtrend start by trying to test support at 180.70 area. Break down this area could bring down even further silver to next support line at 180.30. While the resistance area at 182.00.
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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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As we can see in the weekly time frame, the 61.8 level of fibonacci ratios at 176.15 make the price rise, that's why we can get in long position with take profit at 192.08.
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GBP/JPY Weekly Outlook
4H
GBP/JPY rebounded strongly last week and the break of 180.93 suggests that fall from 189.70 has completed at 175.49, after getting support from 61.8% retracement of 168.01 to 189.70. Initial bias is back on the upside this week and we'd probably see further rise to 187.79/189.70 resistance zone. We'd expect strong resistance from there to bring reversal. Below 179.29 minor support will turn bias back to the downside for 175.49.
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I think that we can get in short position from the resistance level at 181.44 with take profit at 175.45.
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Spoiler:
Daily Forecast
Pair: GBPJPY
Major Trend: Bullish
Time Frame: H1
Reason: Market has successfully penetrated in the area resiten 180.42. However predictable, the market will still be a correction to 180.42 for closing this week
Recommendation: Buy Limit at 180.42
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analysis for today 2 / 6 / 2015
GBPJPY
Resistance : R1 180.41 R2 180.66 R3 180.86 R4 181.16
Support : S1 179.45 S2 179.20 S3 179.00 S4 178.70
Open : 180.11
High : 180.20
Low : 179.66
Range : .54 Pips
Running Price : 179.69
Strategy : BUY at the level 179.69 stop loss at the level 179.45 target take profit at the level 180.86 or at the level 181.16
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gbpjpy wiil touch 182 .000 about 50 fibonachi retresment area
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[IMG]file:///C:/Users/pmc/Desktop/7f947cd4-cf00-4677-bddd-284a10b09e7e02-gbpjpy.png[/IMG]
The pair is still limited between the significant support 176.25 and resistance 178.85 keeping our neutral stance valid till now, as we wait to breach one of the mentioned levels to determine the next move. Breaking the support pushes the pair towards 173.10, while breaching the resistance achieves gains that mainly starts at 181.40.
---------- Post added at 07:54 PM ---------- Previous post was at 07:48 PM ----------
Support 177.85 177.50 176.85 176.25 175.70
Resistance 178.85 179.90 180.80 181.40 181.80
Recommendation
Negative expectations below 176.25, risk-limit above 177.50. Positive above 178.85, risk-limit below 177.50.
---------- Post added at 07:56 PM ---------- Previous post was at 07:54 PM ----------
Support 177.85 177.50 176.85 176.25 175.70
Resistance 178.85 179.90 180.80 181.40 181.80
Recommendation
Negative expectations below 176.25, risk-limit above 177.50. Positive above 178.85, risk-limit below 177.50.
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Daily Forecast
Pair: GBPJPY
Major Trend: Bullish
Time Frame: H1
Reason: It is predicted that the market can penetrate third daily resistance at 179.97. However, the market may still be a correction at 178.98, considering there is resistance that has not been corrected.
Recommendation: Buy Limit at 179.00
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