GBPJPY Summary [2015.11.19]

[Caveat Emptor]

GBPJPY

The pair went as high as 188.79 today and retraced back down to the 187.70 area. This retracement can be due to bulls closing out for some profit and also due to the news released (GBP - Retail Sales m/m) which was at -0.6% instead of the forecasted -0.4%, a lot lower than the previous month release 1.7%. Currently, the pair has found some support and consolidated in the 187.80/187.60 area. My personal outlook for this is still bullish with my week's target to be at 189.10/189.00 area(hoping it reaches this area). A close near and above 189.00 area and we might see 192.00 and 195.00 (hopefully)  in the next few weeks.

Areas To Take Note of :

188.30/188.10
187.80/187.60
187.40/187.30
187.00/186.80

For Bulls:

A break of the  188.30/188.10 area, would help push to the target 189.10/189.00 area as less resistance was seen from yesterday's high.

For Bears:

Currently, the pair has consolidated at around 187.80/187.60 a break of this area and it might try to test the support (187.40/187.30) which rejected the price as of 11/18/2015. A break of this and we'll see it try for 187.00/186.80 area and we'll look for further downside target.

Daily Pivot

186.88

Resistance and Support

 R1       187.78
 R2       188.34
 R3       189.24
 R4      189.80
 S1      186.32
 S2       185.42
 S3       184.86
 S4       183.96