With 4 hours MACD crossed above signal line, intraday bias in GBP/JPY turns neutral again. On the downside, below 119.98 minor support will affirm the case that correction from 116.83 is finished at 122.62 and will bring retest of this low. On the upside, break of 122.62, though, will extend the correction to 161.8% projection of 116.83 to 120.78 from 116.96 at 123.35 and above. Though, we'd expect strong resistance from 125.48/68 cluster resistance (61.8% retracement of 130.83 to 116.83 at 125.48, 38.2% retracement of 140.02 to 116..83 at 125.68) to limit upside to conclude the corrective rise and bring down trend resumption.
In the bigger picture, fall from 163.05 is part of the long term down trend from 2007 high of 251.09 and is still in progress. Next target will be 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06, which is close to 100 psychological level. On the upside, break of 130.83 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish even in case of strong rebound.
Please see the attached chart below.
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GBP/JPY Daily Outlook
Published 10/21/2011, 06:03 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook
Daily Pivots: (S1) 120.53; (P) 121.03; (R1) 121.69;
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