[CAVEAT EMPTOR]
GBPJPY
Outlook - Bullish
Still riding on the strength of the Gable, pair traded heavily around the previous DP (187.40/187.30) and reach our target 187.70/187.60 and met a slight resistance there. Still, we are looking forward for the pair to climb higher and hopefully break the 188.00/188.20 area and continue on to our long term target of 192.
Intraday areas to watch out for (Decision Points):
187.60/187.70 - this area can either turn to be a weak support if the pair tries to go down and becomes a resistance once the pair breaks going down and tries to test out the 187.40/187.20 area
187.20/187.40 - previous day DP (Decision Point) where the bulls and the bears tried to contest for control with the bulls winning (due to a strong Gable). The pair might try to retest this area and if breaks we might see a retest of the 187.00/186.80 area
Pivot Point
187.51
Resistance and Support
R1 188.18
R2 188.63
R3 189.30
R4 189.75
S1 187.06
S2 186.39
S3 185.94
S4 185.27
