Investing.com - Financial Markets Worldwide

GBP/JPY Daily Outlook

ByActionForex
Published 11/29/2011, 06:53 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY
-

Daily Pivots: (S1) 120.00; (P) 120.84; (R1) 121.77;

Intraday bias in GBP/JPY is neutral for the moment and some more consolidations could be seen above 119.37 temporary low. Nonetheless, outlook remains cautiously bearish as long as 121.75 minor resistance holds. Below 119.37 will target a test on 116.83 first. Break will extend the fall from 140.02 to 61.8% projection of 140.02 to 116.83 from 127.30 at 112.96. On the upside, though, break of 119.37 would dampen the immediate bearish view and will flip bias back to the upside to extend the consolidation/correction from 116.83.

In the bigger picture, there is no sign of reversal in GBP/JPY as it's still staying well below the falling 55 weeks EMA (now at 128.13). The down trend from 2007 high of 251.09 is still expected to continue to 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, medium term outlook will remain bearish even in case of further rebound.

gbpjpy20111129a1


gbpjpy20111129a2

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.