Thread: Gbp/Jpy
GBPJPY continued bearish momentum yesterday, the lowest at 128.65 but traded higher around 129.54 at the time I wrote this comment. bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 130.50 followed by 130.80. Break above 130.80 could trigger further upside correction but as long as price moves inside the major bearish channel I still prefer a bearish scenario. On the downside, a break below 128.65 to continue the bearish scenario testing 126.75.
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gbp/jpy technical analysis by using : average directional movement index
adx : 18.8373
+di : 17.5096
-di : 11.4467
timeframe : 1 hour
time : 1800
date : 16.11.2012
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On the heels of massive Yen rally in summer 2007, later named by main stream press the "unwind of the carry trade",we published an article about anticipated direction of GBP-JPY. For details please see previous writing "Trading Forex- GAP-JOY outlook".
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GBPJPY continued bullish move after rebound from 128.40 Support, we will receive a strong indicator for another bullish signal that would allow a target 127.20 resistance level.
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Expected trading range for the day between 127.90 and 129.40
General tendency: UP
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Elliott: irregular flat correction up 129.59
Uptrend is still intact in a triangle configuration. It should continue to rally to 130.13 or 129.54 if support around 128.24 hold. After which a pullback to 128.24 - 127.87 zone is possible.
Warning: Imminent end of bullish move
Technical points
Key point 129.6200
Entry point 128.2500
Elliott 125.6800
Closing 128.7900
Projection 130.8000
Trendline 126.8500
Trendline 127.9000
Supports / Resistances
Res 2 130.2900
Ex-High 128.9900
Res 1 129.5400
Pivot 128.2400
Sup 1 127.4900
Ex-Low 126.9400
Sup 2 126.1900
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Gbp/jpy technical analysis for 16.11.2012 by using : Auto pivot indicator.
resistance 3:131.59
resistance 2:130.29
resistance 1:129.53
pivot point :128.24
support 1:127.48
support 2:126.18
support 3:125.42
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Time frame- H4
we can see a good resistance trend line and that is not able to breal price is rejected from this level 128.90
we can see price will move down side if it break its pivot point 128.23
daily pivot point-
r3- 131.57
r2- 130.27
r1- 129.53
pivot point- 128.23
s1- 127.48
s2- 126.18
s3- 125.43
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Wow, the bullish trend is very strong for gbp/jpy because it was succeed to breakthrough resistance 2 level 128.33 and still stay above it. The re-test will occur soon and lets see whether pass it or pullback. Take long position after got pullback is good choice to trade.
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GBP/JPY (GBPJPY=X) -CCY
128.57 1.5057(1.1800%) 7:05AM EST
Prev Close: 127.0643
Open: 127.0502
Bid: 128.56
Ask: 128.58
Day's Range: 127.0028 - 128.8001
52wk Range: 117.3314 - 133.481
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