[Caveat Emptor]
GBPJPY
The pair started to climb up after the bounce on yesterday's daily low of 184.31. The bears tried pushing it back down early in the day but failed to capitalize and the pair started to climb. As we hoped the pair broke the DP of 185.20/185.00 area and thus we are able to enter the trade and targeted the next DP as our initial target 185.80/185.60 (Coincidentally this DP is also around our first Daily resistance yesterday.) For the pair to continue to climb upward we'd like this pair to break the 185.80/185.60 DP as the range was rejected in the 1 hour chart (almost two times now as of writing.) We'd monitor the pair further and volatility might get affected since today is Turkey Day in the U.S.. Happy Thanksgiving day to those in the U.S.
Current Areas To Consider (Decision Points [DP]):
187.30/187.40
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 got rejected at the 185.80/185.60 DP (1 hour chart) before lunch in the US market and seems another rejection nearing the close of the US market. The bulls needs to hone their horns and break the current DP for us to see a re-climb of the pair.
For Bears :
Further rejection of the 185.80/185.60 DP would give bears the opportunity to short this pair again. A bounce from this area and we'll look at the next DP 185.20/185.00 which initially stopped the initial rejection at the 185.80/185.60 DP. A break of these two DPs then we'll look for further selling opportunities and TPs .
Daily Pivot
185.29
Daily Support and Resistance
R1 186.11
R2 186.59
R3 187.41
R4 187.89
S1 184.81
S2 183.99
S3 183.51
S4 182.69
