The Daily Forecaster: GBPJPY
Price: 135.98
| Resistance |
136.09 |
136.56-85 |
137.16 |
137.45-55 |
138.09 |
138.38-45 |
| Support |
135.62 |
135.14-24 |
134.82 |
134.49 |
133.93-00 |
133.13-46 |
Bias: Slightly mixed but with a mild bullish preference
The underlying MT direction is neutral while the daily bias is neutral. Therefore it may be better to sit out of the market or trade breaks when supported by bullish or bearish set up patterns. It is advisable to study both lower and higher time frame charts for evidence to support a trade in either direction. It may well be advisable to take profits when seen or if there is a larger break out to consider using a trailing stop to protect profits.
Consider buy set ups at: 134.82-135.24 or 136.10-20
Consider sell set ups at: 135.10 or 134.50-80
Daily Bullish
The break below 136.64 provoked follow-through and has approached the 135.17-26 lower support. While the 136.09 area caps in early trading we can still see losses to this support. If a bullish trade set ups develops this should then generate a recovery back to around 136.09 and then the 136.56-85 pivot resistance. It is a break above here that would allow gains to develop more strongly for the next pivot resistance at 137.45-55 and potentially through 137.91-09 to the 138.45 corrective high.
Medium Term Bullish
22nd March: The losses on Friday do add a layer of concern but until the 135.17 low breaks it does retain a small window of upside potential. Key resistances are then at 136.56-85, 137.45-55 and 138.38-45…
Daily Bearish
Breach of the 136.64 area extended losses to just below 135.73 and while the 136.09 resistance caps there is room for losses to attack the 135.17 swing low, specifically the 135.14-24 area. Take care there as this does have potential to hold and generate a correction higher at the very least. Thus, only below 135.14 would exten losses to 134.50-80 at least and possibly as far as the 133.93-00 corrective low and pivot support.
Medium Term Bearish
18th March: The bearish signs here are stronger and as long as 137.70-90 breaks I feel there is every chance of seeing 136.64 at least - if this breaks then the 135.17 low en route 132.38 again.
Ian Copsey
FX-Forecaster
Legal disclaimer and risk disclosure
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared. |
