fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: GBP/JPY Daily Outlook Fri Dec 14, 2012 11:04 am | |
| GBP/JPY Daily Outlook Daily Pivots: (S1) 134.23; (P) 134.65; (R1) 135.17; More.... GBP/JPY's rally extends today and reaches as high as 135.40 so far. Intraday bias remains on the upside and current rise from 118.82 is expected to target next key resistance level at 140.02. On the downside, below 134.22 minor support will turn bias neutral and bring retreat. But break of 132.44 resistance turned support is needed to signal short term topping. Otherwise, we'll stay bullish in the cross. In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 (2011 low) are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 133.48 and above. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds. | |
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