GBPJPY
Seems, the pair has current broken the current down trend from last week. Currently, the pair has crossed above the 60- Simple Moving Average (1 hour chart) [pair is still below the 200 SMA] and is currently above the ichimoku cloud of the 1 hour chart to confirm bullish trend in the 1 hour chart. However, we should be watch out for a slight correction since the pair is nearing the overbought levels in RSI(10).
Beyond that we should be wary on the swings of the pair since there are some major news on the pair today.
For Bulls:
The pair tested the DP 185.60/185.80 and was rejected. We'd see today if it will test this DP again and be able to break it. Once broken we'd look for our next DP for our initial TP. But for longer term I'm looking to target 189 at the moment.
For Bears:
A break of the 185.10/185.30 area would give us a target of the next DP (184.60/184.75). If it breaks the second DP the pair might meet a bit of resistance at the 184.10/184.30 area since the pair got rejected twice in that area last Friday (1 hour chart).
NEWS:
Dec 1
GBP Bank Stress Test Results
GBP BOE Financial Stability Report
GBP BOE Gov Carney Speaks
GBP Manufacturing PMI
Current Areas To Consider (Decision Points [DP]):
186.60/186.80
186.20/186.30
185.60/185.80
185.10/185.30
184.60/184.75
184.10/184.30
183.50/183.70
182.40/182.60
Daily Pivot
| 185.10 |
Daily Support and Resistance
R1 185.10
R2 185.74
R3 186.17
R4 186.81
S1 184.03
S2 183.60
S3 182.96
S4 182.53
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