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 GBP/JPY Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: GBP/JPY Daily Outlook   Mon Mar 10, 2014 10:46 am



GBP/JPY Daily Outlook

Daily Pivots: (S1) 171.92; (P) 172.74; (R1) 173.46; More.....

A temporary top is formed at 173.57 in GBP/JPY and intraday bias is turned neutral first. Some consolidations would be seen but downside of pull back should be contained above 168.82 and bring rally resumption . Above 173.57 will target a test on 174.84 key resistance next. However, break of 168.82 will suggest that rebound from 163.87 has completed and will turn bias to the downside.

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 of 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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