Thread: Gbp/Jpy
The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 124.50 and key resistance at 128.40. Based upon my chart analysis, I prefer to selling the pair with four hour candle closing below 126.15 with targets 125.30, 124.75 then 124.50 and stoploss with four hour candle closing above 126.85.
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Gbp/jpy technical analysis for 16.10.2012 by using : Auto pivot indicator .
resistance 3:128.05
resistance 2:127.38
resistance 1:126.88
pivot point :126.22
support 1:125.72
support 2:125.05
support 3:124.56
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Elliott: flat correction up 127.05
Uptrend is still intact in a triangle configuration. It should continue to rally to 126.57 or 126.88 if support around 126.21 hold. After which a pullback to 126.21 - 125.97 zone is possible.
Technical points
Key point 126.6500
Entry point 126.1800
Elliott 124.7500
Closing 126.3900
Projection 127.8200
Trendline 125.9300
Trendline 125.9500
Supports / Resistances
Res 2 127.3700
Ex-High 126.7100
Res 1 126.8800
Pivot 126.2100
Sup 1 125.7200
Ex-Low 125.5500
Sup 2 125.0600
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Yesterday highest high and lowest form higher with large momentum buyers.
Most likely today, GBPJPY will form new highest.
The market opened with a rise in price is quite convincing.
There is little power sellers to make a correction in the Asian session today.
If the correction continues to below the daily pivot (pivot: 126.19) then maybe this pair will continue the trend of transition bearish
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GBP/JPY's correction from 128.82 could still be in progress and might extend lower. But in that case, strong support should be seen at lower channel (now at 123.86) to bring rebound. On the upside, above 127.79 will argue that recent rise from 118.82 is ready to resume.
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The bias is neutral in nearest term but as long as move above 123.75 support. I still prefer a bullish scenario at this phase.
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Technical Analysis For Short-Term (Short Term: 1-7 days) 60% Buy
trendspotter hold
7 day average directional indicator buy
10-8 day MA hilo channel hold
20 day MA VS Price buy
20-50 Day MACD oscillator buy
20 Day Bollinger Bands hold
Technical Analysis for the Medium Term (Mid Term: 2-4 Sunday) 25% Buy
40 Day hold commodity channel index
50 Day MA VS Price buy
20-100 Day MACD Oscillator
buy
50 Day parabolic time / price sell
20-50 Day MACD oscillator buy
Technical Analysis For Long Term (Long Term: 1-3 Months) 67% Buy
60 Day hold commodity channel index
100 Day MA VS Price buy
50-100 Day MACD oscillator buy
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Expected trading range between 125.00 and 127.10 for the day.
General tendency for the price: UP.
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I think GBPJPY still in bullish sentiment now. If GBPJPY can break the last Friday's high, this pair may try to continue going up and will reach the resistance level at 126.60. But the trend may change in to down trend again if GBPJPY can fall and break 125.60 support level
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Gbp/jpy technical analysis for 15.310.2012 by using : Auto pivot indicator.
resistance 3:127.01
resistance 2:126.60
resistance 1:126.33
pivot point :125.93
support 1:125.66
support 2:125.25
support 3:124.98
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