GBP/JPY Candlesticks and Ichimoku Analysis
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Last Candlesticks pattern |
Time of formation |
Trend bias |
| Weekly |
N/A |
N/A |
Sideways |
| Daily |
Morning star |
07 Oct 2009 |
Sideways |
Although the British pound continued to edge lower after faltering below the flat ground Kijun-Sen and marginal weakness to 143.00 cannot be ruled out, however, reckon 141.00 would hold and bring further consolidation within near term range of 139.25-153.20 and recovery to the Tenkan-Sen (now at 146.37) would be seen, then to 148.00, however, price should continue to hold below the Kijun-Sen (now at 151.12).
On the downside, below 141.00 would extend weakness to 140.00 but only breach of support at 139.25 would signal a downside break of the aforesaid range of 139.25-153.20 and then fall from 163.00 would extend towards 137.00, however, reckon 135.73 (61.8% Fibonacci retracement of 118.87-163.00) would contain weakness and bring rebound later.
On the daily chart, the British pound continued to meet heavy selling pressure right at the Kijun-Sen and fell to 143.10 on Monday this week, although the recovery from there suggests initial consolidation would be seen, bearishness remains for another test of 143.10, below would extend weakness towards 142.05 but reckon 140.00 would limit downside and dollar should stay well above support at 139.25.
On the upside, although recovery to the Ichimoku cloud top (now at 146.27) cannot be ruled out, only a daily close above the Kijun-Sen (now at 146.89) would suggest the fall from 150.70 has ended at 143.10 and bring stronger rebound to 149.00, however, price is expected to falter well below resistance at 150.70, then further choppy trading within 139.25-153.20 would continue.
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