SubscribeIf we look on the daily time frame, the yesterday's movement has formed a pin bar candle on daily time frame. So, according to that candle, I think GBPJPY will fall today. GBPJPY may touches the support level at 126.60 or even lower.
Thread: Gbp/Jpy
If we look on the daily time frame, the yesterday's movement has formed a pin bar candle on daily time frame. So, according to that candle, I think GBPJPY will fall today. GBPJPY may touches the support level at 126.60 or even lower.
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Bearish direction pair today
Expected targets 126.65 - 126.25 - 126.00
Provided stability of trading below the resistance level 127.80
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The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 126.45 and key resistance at 129.05. Based upon my chart analysis, I prefer to buying the pair above 127.20 with targets 127.75, 128.10 then 129.05 and stoploss with four hour candle closing below 126.55.
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The pair gbp/jpy is formed sooting star yesterday.If the pair makes a strong sellcandle by today there is a possibility to go down more than 200pips down.
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Gbp/jpy technical analysis for 19.10.2012 by using : Auto pivot indicator.
resistance 3:129.02
resistance 2:128.63
resistance 1:127.91
pivot point :127.52
support 1:126.79
support 2:126.40
support 3:125.67
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As predictable this pair making a strong bearish movement right after the news release yesterday and the support line has been broke by yesterday move but be careful i think this pair is approaching the low and the major revisal will happen soon watch out at 129 - 128 area to enter long next week.
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The British Pound was higher against the Japanese Yen on Friday.
GBP/JPY was trading at 127.46, up 0.22% at time of writing.
The pair was likely to find support at 125.55, Mondays low, and resistance at 128.22, Thursdays high.
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A perfect bear pinbar supply area ...
Next target zone is in demand around: 125.00-an
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GBP/JPY was trading at 127.46, up 0.22% at time of writing.
The pair was likely to find support at 125.50, Mondays low
and resistance at 128.20, Thursdays high.
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Elliott: correction zigzag 126.49
Preferred view is for a fall to 127.15 - 126.79 while 127.71 - 127.90 area resists. A clear break of 128.62 would be bullish.
Technical points
Key point 126.6700
Entry point 127.4500
Elliott 128.2400
Closing 127.1800
Projection 126.0800
Trendline 127.3900
Trendline 127.6600
Supports / Resistances
Res 2 128.6200
Ex-High 128.2400
Res 1 127.9000
Pivot 127.5100
Sup 1 126.7900
Ex-Low 127.1300
Sup 2 126.4000
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