Expected trading range between 128.80 and 130.30 for the day
General trend is to the upside
Thread: Gbp/Jpy
Expected trading range between 128.80 and 130.30 for the day
General trend is to the upside
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Gbp/jpy success to retrace up until touch daily pivot level (129.00). Although price still affected bearish trend in medium trend, it is shown trying to up. But if it can break up daily pivot level, it may move up but still limited.
Spoiler:
On the Daily chart price is above the 12 EMA (red) and 72 EMA (blue) indicates the trend is still up
* 21 RSI is above 50 indicates the trend is still up
Recommendation: BUY
Target: 131.73
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Elliott: flat correction down 128.02
It looks more likely that it would rise to 129.40 - 129.96 from 128.77 or 128.49. After which a downside move is expected.
Technical points
Key point 128.5300
Entry point 129.0700
Elliott 129.6100
Closing 128.8500
Projection 128.0200
Trendline 129.2400
Trendline 129.2600
Supports / Resistances
Res 2 129.9600
Ex-High 129.6100
Res 1 129.4000
Pivot 129.0500
Sup 1 128.4900
Ex-Low 128.7000
Sup 2 128.1400
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yes you are right its come down fast trading good general forex forum indian good happy
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GBP/JPY jumped to as high as 129.60 last week but failed to take out 129.64 and retreated. The development argues that consolidation from 129.64 is possibly still in progress. Intraday bias is neutral this week. Below 128.41 will bring deeper fall to 127.03 and below. But after all, we'll stay bullish as long as 124.72 support holds and expect rise from 118.82 to continue later. Break of 129.64 will target upper channel resistance
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very nice!!! so where is the prefect sell?
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gbp/jpy technical analysis by using : average directional movement index
adx : 25.5982
+di : 9.6535
-di : 19.2080
timeframe : 1 hour
time : 2000
date : 02.11.2012
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The trading range for today is among the major support at 127.10 and the major resistance at 131.85.
The short-term trend is to the downside as far as 112.00 remains intact targeting 150.00.
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But recently a couple good growing and there is another resistance 129.30 ... now the British pound is growing very well in the market .. so consolidation above 129.30 is realistic, well, then next target 131.50 ...
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