Thread: Gbp/Jpy
Pair price to settle at a high level since yesterday's trading to settle on the price of 129.40
Continued positive makes us expect more positive in the near and down to the level of 130.30 then 131.30.
Stability about moving average support level channel supports the continuity of the positive price
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Intraday bias in GBP/JPY remains on the upside for 129.64 resistance. Break will confirm resumption of whole rebound from 118.82 and target channel resistance (now at 130.70). On the downside, below 128.41 minor support will delay the bullish case and bring another fall to extend the consolidation from 129.64. However, we'll stay bullish as long as 124.72 support holds and expects further rally ahead.
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Spoiler:
On 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: 132.87
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Elliott: common flat correction up 129.65
One move lower to 128.80 or 128.36 is anticipated while below 129.35 - 129.57 area. Stop loss above 129.89 zone.
Warning: Imminent end of bullish move
Technical points
Key point 129.7300
Entry point 129.4800
Elliott 127.0400
Closing 129.2500
Projection 129.6500
Trendline 128.9000
Trendline 129.5100
Supports / Resistances
Res 2 129.8900
Ex-High 129.4500
Res 1 129.5700
Pivot 129.1300
Sup 1 128.8000
Ex-Low 128.6800
Sup 2 128.3600
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The British Pound was higher against the Japanese Yen on Friday.
GBP/JPY was trading at 129.45, up 0.16% at time of writing.
The pair was likely to find support at 127.04, Tuesdays low, and resistance at 129.46, todays high.
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gbp/jpy technical analysis by using : average directional movement index
adx : 29.5926
+di : 13.7232
-di : 11.9208
timeframe : 1 hour
time : 2000
date : 01.11.2012
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Intraday bias in GBP/JPY remains on the upside for 129.64 resistance. Break will confirm resumption of whole rebound from 118.82 and target channel resistance (now at 130.61). On the downside, below 128.09 minor support will delay the bullish case and bring another fall to extend the consolidation from 129.64. However, we'll stay bullish as long as 124.72 support holds and expects further rally ahead.
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gbpusd market analysis based on moving averages on 01.11.2012 at 0830 hrs and 15 minute timeframe
ema5: 129.1700
ema10: 129.1337
ema20:129.0975
ema50: 128.9796
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Expected trading range between 127.80 and 130.10 for the day
General trend is to the upside
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gbp/jpy technical analysis by using : average directional movement index
adx : 36.8091
+di : 19.8877
-di : 10.9089
timeframe : 1 hour
time : 1900
date : 31.10.2012
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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