[Caveat Emptor]
GBPJPY
The pair continued on to retrace down with bears taking over due to the pound news on Public Sector Borrowing. Actual is 7.5B which is a lot more than the forecast 5.5B. Since, there is no major news between the pound and the yen until Wednesday, will be observing the pair if it breaks the 186.30/186.10 area for shorts or climb up above 186.60 area for long.
News To Watch Out For :
British Pound
Nov 25 (Wed)
Autumn Forecast Statement
Nov 27 (Friday)
Second Estimate GDP q/q
Prelim Business Investment q/q
Japanese Yen
Nov 25 (Wed)
Monetary Policy Meeting Minutes
Nov 27 (Friday)
Household Spending y/y
Tokyo Core CPI y/y
Current Areas To Consider (Observed Areas):
187.30 /187.40
186.60/186.80
186.10/186.30
185.60/185.80
185.00/185.20
For Bulls :
If the pair recovers and goes up, we'll see if the pair can break the 186.80/186.60 area (majority of the trades happened here last Friday) and climb up. If it breaks this area, we could target another previous DP (decision point) 187.40/187.30 area. Beyond that range we'll look next at 187.60/187.80.
For Bears :
Currently the pair at the 50 fib in the 4 hour chart of the low (2015.11.06 12:00 [GMT+2]) and high of (2015.11.19 00:00 [GMT+2]). A further break of this area (186.30/186.10) would give us a signal to short the pair and target 61.8 fib (roughly the 185.80/185.60 area. A further break and we'll target 185.20/185.00 area.
Daily Pivot (2015.11.20)
187.02
Daily Support and Resistance (2015.11.20)
R1 187.59
R2 188.64
R3 189.21
R4 190.26
S1 185.97
S2 185.40
S3 184.35
S4 183.78
Weekly Pivot (2015.11.16 - 2015.11.20)
187.10
Weekly Support and Resistance(2015.11.16 - 2015.11.20)
R1 188.23
R2 189.91
R3 191.04
R4 192.72
S1 185.42
S2 184.29
S3 182.61
S4 181.48
