fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: GBP/JPY Daily Outlook  Tue Jan 29, 2013 11:10 am | |
| GBP/JPY Daily Outlook Daily Pivots: (S1) 141.80; (P) 142.89; (R1) 143.60; More.... Intraday bias in GBP/JPY remains neutral for the moment as it continues to stay in range of 139.25/144.80. As long as 139.25 support holds,, outlook stays bullish and further rally is still expected. In any case, we'd expect another retreat to be by 139.39 support and bring rise resumption eventually. Above 144.80 will target 150 psychological level next. Though, break of 139.29 will bring deeper pull back, probably to 55 days EMA (now at 136.93) before staging another rally. In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.  | |
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