GBPJPY Outlook |
Written by ActionForex.com |
Jan 13 14 04:04 GMT
GBP/JPY Daily Outlook
Daily Pivots: (S1) 170.91; (P) 171.96; (R1) 172.70; More.....
GBP/JPY drops further to as low as 170.39 so far today. Current development confirmed short term topping at 174.84 and correction from there is resuming. Intraday bias is back on the downside and deeper fall would be seen to 166.57 support and possibly below. On the upside, break of 173.12 minor resistance is needed to indicate completion of the corrective fall. Otherwise, near term outlook will stay mildly bearish.
In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.
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