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GBPJPY Outlook |
Written by ActionForex.com |
Jul 03 09 08:06 GMT |
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GBP/JPY's break of 156.69 minor support suggests that rebound from 154.03 has completed at 160.24 already. Intraday bias if flipped back to the downside and fall from 162.56 should still be in progress for medium term channel (now at 153.21). On the upside, though, break of 160.24 will indicate invalidate this bearish view and suggest that rise from 154.03 is still in progress for 162.56 high. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jul 02 09 09:19 GMT |
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Intraday outlook in GBP/JPY is turned neutral as consolidation from 160.24 extends further. Nevertheless, another rise is still mildly in favor as long as 156.69 minor support holds. Break of 160.24 will target a retest of 162.56 first. Break will confirm resumption of whole rise from 138.99 and should target 61.8% projection of 143.00 to 162.56 from 154.03 at 166.11. On the downside, however, below 156.96 support will indicate that rebound from 154.03 has completed and fall from 162.56 is still in progress for a test on the medium term channel (now at 153.01). |
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GBPJPY Outlook |
Written by ActionForex.com |
Jul 01 09 09:40 GMT |
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At this moment, further rise is still in favor in GBP/JPY as long as 156.69 minor support holds. Corrective fall from 162.56 should have completed at 154.03 already and retest of this high should be seen. Break will confirm resumption of whole rise from 138.99 and should target 61.8% projection of 143.00 to 162.56 from 154.03 at 166.11. On the downside, however, below 156.96 support will indicate that rebound from 154.03 has completed and fall from 162.56 is still in progress for a test on the medium term channel (now at 152.82). |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 30 09 07:28 GMT |
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GBP/JPY's break of 159.58 resistance confirms that fall from 162.56 has completed at 154.03 already and the three wave structure indicates that such fall is merely a correction in the larger rally. Further rise should now be seen to retest 162.56 high first and break will extend the whole rise from 138.99. Nevertheless, strong resistance should be seen as GBP/JPY approaches, 61.8% projection of 143.00 to 162.56 from 154.03 at 166.11. On the downside, though, below 156.96 support will indicate that rebound from 154.03 has completed and fall from 162.56 is still in progress for a test on the medium term channel (now at 152.20). |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 29 09 09:34 GMT |
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GBP/JPY continues to stay in tight range today. As noted before, rebound from 154.03 was rather unconvincing as is still limited below 159.58 resistance. We'll continue to stay neutral for the moment. On the upside, above 159.58 will suggest that corrective fall from 162.56 has already completed at 154.03 and will flip intraday bias back to the upside for retesting this high first. However, below 155.92 minor support will suggest that fall from 162.56 is possibly still in progress and will flip intraday bias back to the downside for 154.03 support. Break there will target a test on trend line support at 152.12. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 27 09 14:38 GMT |
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GBP/JPY dipped to 154.03 initially last week but recovered from there. Nevertheless, strength of the rebound was rather unconvincing as upside is still limited below 159.58 resistance. We'll stay neutral initially this week. On the upside, above 159.58 will suggest that corrective fall from 162.56 has already completed at 154.03 and will flip intraday bias back to the upside for retesting this high first. However, below 155.92 minor support will suggest that fall from 162.56 is possibly still in progress and will flip intraday bias back to the downside for 154.03 support. Break there will target a test on trend line support at 152.12. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 26 09 09:29 GMT |
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Intraday bias in GBP/JPY is turned neutral for the moment. On the upside, break of 159.58 resistance will confirm that fall from 162.56 has completed and will bring retest of this high. However, below 155.86 minor support will suggest that fall from 162.56 is possibly still in progress and will flip intraday bias back to the downside for 154.03 support. Break there will target a test on trend line support at 151.51. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 25 09 09:50 GMT |
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GBP/JPY's rebound was limited at 158.50 and retreats mildly. At this point, intraday bias is mildly on the upside and further rise might be seen. Break of 159.58 resistance will confirm that fall from 162.56 has completed and will bring retest of this high. However, below 156.10 minor support will suggest that fall from 162.56 is possibly still in progress and will flip intraday bias back to the downside for 154.03 support. Break there will target a test on trend line support at 151.51. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 24 09 09:42 GMT |
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GBP/JPY rebounded strongly from 154.03 and break of 157.05 minor resistance indicates that an intraday low is in place. Such development dampened the head and shoulder reversal case and argue that recent price actions are merely consolidation in the larger rally. Above 159.58 will flip intraday bias to the upside for retesting 162.56 resistance first. On the downside, though, below 154.03 will indicate that fall from 162.56 is still in progress for trend line support at 151.28. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 23 09 15:06 GMT |
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As GBP/JPY's recovery is still limited below 157.05 minor resistance, intraday bias remains on the downside for the moment. As mentioned before, sustained trading below 154.85 support will confirm that the cross has completed a head and shoulder top reversal pattern (ls: 160.44, h: 162.56, rs: 159.58). In such case, a short term top is at least formed and should bring deeper fall to trend line support (now at 151.07) and then key support level at 143.00. On the upside, however, a break above 157.05 minor resistance, without sustained trading below 154.85, will dampen this case and indicate that GBP/JPY is merely developing into sideway consolidation. Retest of 162.56 should be seen in this case. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 23 09 07:45 GMT |
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GBP/JPY falls sharply to as low as 154.35 today and the brief break of 154.85 support argues that the cross might have completed a head and shoulder top reversal pattern (ls: 160.44, h: 162.56, rs: 159.58). Intraday bias will now remain on the downside as long as 157.05 minor resistance holds. Sustained trading below 154.85 will confirm that a short term top is at least formed and bring deeper fall to trend line support (now at 151.07) and then key support level at 143.00. On the upside, however, a break above 157.05 minor resistance, without sustained trading below 154.85, will dampen this case and indicate that GBP/JPY is merely developing into sideway consolidation. Retest of 162.56 should be seen in this case. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 22 09 09:40 GMT |
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GBP/JPY retreats mildly today but after all, it's still holding on above 157.34 minor support. Another rise is mildly in favor and above 159.58 will target a retest of 162.56 high. On the downside, below 157.34 will flip intraday bias back to the downside for 154.85/94 support zone first. Note that break there will indicate GBP/JPY has completed a head and shoulder reversal pattern and should bring deep decline to test channel support (now at 150.76). |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 20 09 10:02 GMT |
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GBP/JPY dropped to as low as 154.94 last week but was continued above 154.85 support and rebounded. Such development provided no confirmation of topping yet. Initial bias is mildly on the upside as long as 157.34 minor support holds and retest of 162.56 might be seen. On the downside, below 157.34 will flip intraday bias back to the downside and put focus back to 154.85 support. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 19 09 09:29 GMT |
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GBP/JPY's fall from 162.56 was contained at 154.94 and rebounded strongly. Break of 158.07 resistance indicates that such decline has completed and flips intraday bias back to the upside. With 154.85 support intact, there is no confirmation of reversal and recent rally is possibly still in progress. Further rise should now be seen to retest 162.56 first. On the downside, below 157.34 will turn intraday outlook neutral again. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 18 09 09:33 GMT |
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GBP/JPY's fall from 162.56 is still in progress and reaches as low as 154.94 so far. At this point, intraday bias remains on the downside as long as 158.07 minor resistance holds. As mentioned before, with bearish divergence condition in 4 hours MACD and RSI, we're still slightly favoring the bearish case that a short term top is at least formed at 162.56. Break of 154.85 support will confirm this case and bring deeper fall to channel support at 149.96. On the upside, above 158.07 will turn intraday outlook neutral again. Also, break of 162.56 will invalidate this view and indicate GBP/JPY's up trend is still in progress. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 17 09 10:12 GMT |
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GBP/JPY's break of 156.44 suggests that fall from 162.56 is resuming and intraday bias remains on the downside for the moment as long as 159.35 minor resistance holds. As mentioned before, with bearish divergence condition in 4 hours MACD and RSI, we're still slightly favoring the bearish case that a short term top is at least formed at 162.56. Break of 154.85 support will confirm this case and bring deeper fall to channel support at 149.54. On the upside, above 159.35 will turn intraday outlook neutral again. Also, break of 162.56 will invalidate this view and indicate GBP/JPY's up trend is still in progress. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 16 09 14:36 GMT |
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GBP/JPY recovers strongly after falling to as low as 156.44 earlier today and break of 158.83 minor resistance suggests that an intraday low is formed. Outlook is turned neutral for the moment and some sideway trading might be seen. Nevertheless, considering bearish divergence condition in 4 hours MACD and RSI, we're still slightly favoring the bearish case that a short term top is at least formed at 162.56. Below 156.44 will bring fall resumption. Further break of 154.85 support will confirm this case and bring deeper fall to channel support at 149.54. On the upside, however, break of 162.56 will invalidate this view and indicate GBP/JPY's up trend is still in progress. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 16 09 06:33 GMT |
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GBP/JPY dives sharply to as low as 156.44 so far today. Yesterday's break of 159.74 minor support served as an early indication that a short term top is at least formed at 162.56, with bearish divergence condition in 4 hours MACD and RSI. At this point, intraday bias will remain on the downside as long as 158.83 minor support holds. Break of 154.85 support will confirm this case and bring deeper fall to channel support at 149.54. On the upside, above 158.83 will turn intraday outlook neutral first. |
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GBPJPY Outlook |
Written by ActionForex.com |
Jun 15 09 09:39 GMT |
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GBP/JPY's retreat from 162.56 continues today and with 4 hours MACD staying below signal line, intraday outlook is turned neutral for the moment, with risk of some more decline. Also, considering bearish divergence condition in 4 hours MACD and RSI, break of 159.74 minor support will argue that a short term top is likely formed and should turn focus to 154.85 support for confirmation. However, before that, another rise could still be seen. Above 162.56 will target channel resistance at 166.33. However, upside momentum will likely continue to diminish. |
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