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 GBP/JPY Daily Outlook

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Join date : 2012-01-25

PostSubject: GBP/JPY Daily Outlook   Fri Mar 07, 2014 8:32 am

GBP/JPY Daily Outlook

Daily Pivots: (S1) 171.42; (P) 172.12; (R1) 173.23; More.....

GBP/JPY's break of 171.88 confirmed that rebound from 163.87 has resumed. Intraday bias is back on the upside and further rally should be seen to 61.8% projection of 163.87 to 171.88 from 168.82 at 173.77 first and then a test on 174.84 high. Break will resume the larger up trend. On the downside, below 171.38 minor support will turn bias neutral. But outlook will stay mildly bullish as long as 168.82 support holds.

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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