GBPJPY Outlook |
Written by ActionForex.com |
Mar 06 13 07:27 GMT
GBP/JPY Daily Outlook
Daily Pivots: (S1) 140.54; (P) 140.91; (R1) 141.61; More....
With 142.76 resistance intact, GBP/JPY's correction from 147.79 is still in progress and would extend to 38.2% retracement of 118.82 to 147.97 at 136.83 and below. But we'd expect strong support above 133.48 medium term level to contain downside and bring rebound. Meanwhile, above 142.76 will turn bias back to the upside for retesting 147.97 high.
In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.
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