fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: GBP/JPY Daily Outlook  Thu Mar 14, 2013 9:24 am | |
| GBP/JPY Daily Outlook Daily Pivots: (S1) 142.76; (P) 143.28; (R1) 143.94; More.... No change in GBP/JPY's outlook. With 141.44 minor support intact, rebound from 137.87 is still in progress and would extend to retest 147.97 resistance. Though, sustained break there is needed to confirm resumption of recent rally. Otherwise, risk of another fall remains. Meanwhile, below 141.44 will flip bias back to the downside to 38.2% retracement of 118.82 to 147.97 at 136.83 and below to extend the correction from 147.97. 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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