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GBP/JPY Outlook
By ActionForexCurrenciesDec 12, 2011 07:00AM ET
www.investing.com/analysis/gbp-jpy-outlook-108452
GBP/JPY Outlook
By ActionForex | Dec 12, 2011 07:00AM ET Daily Pivots: (S1) 121.01; (P) 121.61; (R1) 122.23;
Intraday bias in GBP/JPY remains neutral at this point, with focus on 120.75 minor support. Break there will indicate that choppy recovery from 119.37 is finished will flip bias back to the downside for this support first. Break will confirm resumption of fall from 127.30 and should target a test on 116.96 low next. On the upside, above 122.56 will bring another rise to extend the recovery from 119.37. But we'd expect upside to be limited by 50% retracement of 127.30 to 119.37 at 123.33 and bring fall resumption eventually.
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 127.67). 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.
Intraday bias in GBP/JPY remains neutral at this point, with focus on 120.75 minor support. Break there will indicate that choppy recovery from 119.37 is finished will flip bias back to the downside for this support first. Break will confirm resumption of fall from 127.30 and should target a test on 116.96 low next. On the upside, above 122.56 will bring another rise to extend the recovery from 119.37. But we'd expect upside to be limited by 50% retracement of 127.30 to 119.37 at 123.33 and bring fall resumption eventually.
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 127.67). 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.
gbpjpy20111212a1
gbpjpy20111212a2
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GBP/JPY Outlook
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