thanks.....do u think it will break 139?will come to 130 135level?or up chances?which way is more chances up or down?gbp/jpy is crazy...last year was easyl come to 139level test 3times in 2 to 3 months...i m waiting 130 or 135 level...no clear idea...
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.
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
NYC JM 01:24:26 GMT - 01/29/2010
Rana, 143.66 was Thursday's low so current support and not close to tested as yet. Should it give way then 142.05 gets exposed. .
tokyo rana 01:15:02 GMT - 01/29/2010
any body know gbp/jpy next target?
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