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 GBP/JPY Daily Outlook

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Join date : 2012-01-25

PostSubject: GBP/JPY Daily Outlook   Mon Mar 17, 2014 9:32 am

GBP/JPY Daily Outlook

Daily Pivots: (S1) 167.99; (P) 168.67; (R1) 169.41; More.....

Intraday bias in GBP./JPY remains on the downside for the moment. As noted before, the rebound from 163.87 has finished at 173.57 already. Fall from there is viewed as the third leg of the correction pattern from 174.84. Deeper decline would be seen for 163.87 key support next. On the upside, above 170.16 minor resistance will turn bias neutral and bring some consolidations before staging another decline.

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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