fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: GBP/JPY Daily Outlook  Wed Jan 23, 2013 9:59 am | |
| GBP/JPY Daily Outlook Daily Pivots: (S1) 139.23; (P) 141.03; (R1) 142.28; More.... At this point, GBP/JPY is still staying inside range of 139.39/144.80 and intraday bias remains neutral for the moment. With 139.39 support intact, recent rally is expected to resume soon and Above 144.80 will target 150 psychological level next. Though, break of 139.39 will bring deeper pull back, probably to 55 days EMA (now at 136.35) 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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