Caveat Emptor
GBPJPY
The pair continued down yesterday and continued to 184.31. It bounced back from that level and closed at the 184.73 mark. Currently, we are looking forward to the news on both the Japanese Yen and British Pound for possible reversal of the pair.
Current Areas To Consider (Decision Points [DP]):
186.60/186.80
186.20/186.30
185.60/185.80
185.00/185.20
184.60/184.75
184.10/184.30
183.50/183.70
For Bulls :
The pair closed around the 184.80/184.70 area. We are looking forward for it to make a decisive close above the 185.20/185.00 area before we considering going long. So far it is best to sit in the sidelines at the moment and wait for the news and market response for further confirmation.
For Bears :
The pair continued below the 61.8 fib and almost but bounced around the 184.30 area. The pair closed around yesterday's 184.70/184.50 (DP). We'd like to see it break that area down for further short continuation to then target our next DP (184.30/184.10) a break of this area and the pair might re-test the 183.70/183.50 DP again (10/27 - 10/28 lows). The pair seems to be trying to climb up but depending on the news releases today from both the Japanese Yen and the British Pound, together with the issue in the Middle East regarding Turkey and Russia the pair might get battered again. But so far we'll watch and see where the market will go.
Daily Pivot
185.01
Daily Support and Resistance
R1 185.70
R2 186.68
R3 187.37
R4 188.35
S1 184.03
S2 183.34
S3 182.36
S4 181.67
