GBP/JPY: Some inter-day rising trend-line support has been broken which could now suggest that the market is prepping for a more significant drop towards 140.00 over the coming sessions. However, we retain no strong bias at current levels, with the market just as easily seen racing higher towards 150.00. Daily studies confirm neutral outlook. Key short-term levels to watch above and below come in by 147.30 and 143.65 respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
tokyo rana 13:35:13 GMT - 01/28/2010
GBP/JPY Daily Outlook
GBPJPY Outlook - Written by ActionForex.com - Jan 28 10 06:56 GMT -
GBP/JPY Daily Outlook
Daily Pivots: (S1) 144.19; (P) 144.94; (R1) 146.24; More
Intraday bias in GBP/JPY remains neutral for the moment and some more sideway trading might be seen above 143.62. But after all, upside is expected to be limited by 147.25 resistance and bring resumption of fall from 150.68. Below 143.62 will target 141.99 support. Break there will further affirm the bearish case that whole decline from 163.05 is resuming and should bring retest of 139.26 support next. However, note that break of 147.25 will dampen this bearish view and turn focus back to 149.49/150.68 resistance zone instead.
In the bigger picture, medium term rebound from 118.18, which is a correction to the long term down trend from 07 high of 251.90, has completed at 163.05 already. Fall from 163.05 is possibly resuming as consolidation pattern from 139.69 has likely finished at 150.68 already. Break of 139.26 will confirm this bearish case and target 61.8% retracement of 118.81 to 163.05 at 135.70 next. Break will further affirm the case that whole down trend from 2007 high of 251.90 is resuming for another low below 118.81. This will remain the preferred view as long as 150.68 resistance holds.
tokyo rana 13:33:17 GMT - 01/28/2010
my dear,,hat kind of plan ?
GVI Forex Jay 13:27:50 GMT - 01/28/2010
So does everyone else but if you are trading, you need a plan - entry, stop, target so you know your risk vs reward
tokyo rana 13:26:38 GMT - 01/28/2010
idonot have any target...iwant buy lowest and sale highest...thats all i know
tokyo rana 13:24:44 GMT - 01/28/2010
ilost lots of many in this pair....so iwant cover from this pair other pair need long time...which pair is best?thanx for reply..kind regards
GVI Forex Jay 13:23:00 GMT - 01/28/2010
If you are new, perhaps you should consider trading a less volatile pair than gbp/jpy. Do you have a target and stop for your trade?
All I did was point out the current chart formation, which shows a down channel. Maybe someone who is trading this pair can comment.
tokyo rana 13:21:09 GMT - 01/28/2010
mva mean please tellme?
tokyo rana 13:19:24 GMT - 01/28/2010
Buy Entry: Target: Stop:
idid not understand what you said im new comer to forex idonot know much..
GVI Forex Jay 13:17:43 GMT - 01/28/2010
Nil, see the daily gbp/jpy chart. Feel free to comment. Note 100 day mva (147.07) about held on top today (high 147.24
tokyo nil 13:14:44 GMT - 01/28/2010
Buy Entry: Target: Stop:
hello,any body tellme gbp/jpy will break 139support or not?i sold at 145.75...
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