Daily Pivots: (S1) 122.32; (P) 122.97; (R1) 123.44;
With 4 hours MACD crossed below signal line, intraday bias in GBP/JPY is turned neutral for the moment. At this point, we're favoring the case that choppy pull back from 125.82 is finished at 120.82 already. And, rebound from 118.82 is resuming. Above 123.79 minor resistance will affirm this case and should send GBP/JPY through 125.82 high. However, break of 122.45 minor support will dampen this bullish view and turn focus back to 120.82 support instead.
In the bigger picture, there was so far no impulsive upside move after GBP/JPY formed a medium term bottom at 116.83. On the other hand, there was no sustainable selling neither. The development argues that even though there is no clear sign of trend reversal in GBP/JPY, it's more likely engaging in sideway consolidations, which corrects fall from 163.05. That is, we'd probably see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout.
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GPB/JPY: Another Choppy Pull Back?
Published 07/31/2012, 04:37 AM
Updated 03/09/2019, 08:30 AM
GPB/JPY: Another Choppy Pull Back?
GBP/JPY Daily Outlook
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