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 GBP/JPY Daily Outlook

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fxpulsation



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Join date : 2012-01-25

PostSubject: GBP/JPY Daily Outlook   Thu Mar 06, 2014 10:33 am



GBP/JPY Daily Outlook

Daily Pivots: (S1) 170.32; (P) 170.85; (R1) 171.56; More.....

GBP/JPY is staying in range of 168.82/171.88 and intraday bias remains neutral. On the upside, above 171.88 will extend the rebound from 163.87 and should target 173.65/174.84 resistance zone. However, break of 168.82 will argue that such rebound is completed and will turn bias back to the downside for retesting 163.87 instead.

In the bigger picture, the up trend from 116.83 (2011 low) might still extend to above 174.84. Nonetheless, upside momentum is rather unconvincing as seen in weekly MACD. Thus, even in that case, we'd expect strong resistance from 50% retracement retracement of 251.09 to 116.83 at 183.96 to limit upside. Meanwhile, sustained break 163.87 support should confirm medium term topping at 174.84 and bring deeper decline to 147.61/156.77 support zone next.
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