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Friday, December 11, 2015

GBPJPY [2015.12.10] Summary

[Caveat Emptor]


Even with a dovish news on the pair (same expected votes and decision not to increase rate), the pound took a nose dive against the yen but bounced up again from it (DP 183.50/183.70 area was tested but bounced back up again). For the past 3 days (after the drop from last Tuesday, December 8, 2015), we've seen the pair dipping down to try to test the 183.50/183.70 DP and then bounced up again up and testing the 184.60/184.75 DP. So far the pair has been consolidating in that area, and in the Asian session right now it seems to want to try to test the 184.60/184.75 DP again.

With the pair consolidating within the two DP range, we'd better take precaution on  trading it. Buy or Sell from the bounces, and watch out for possible breakouts.

For Bulls:
For further uptrend the pair needs to break the 185.10/185.30 area and stay give a stronger trend signal that the bulls are now in control.

For Bears:
A decisive break of the 183.50/183.70 DP would indicate that the pair would go down some more and target the next DP (182.40/182.60)



2015.12.10 DP
184.70
184.40


Historical DP
185.40/185.60
185.10/185.30
184.60/184.75
184.10/184.30

183.50/183.70
182.40/182.60



Daily Pivot
184.18

Resistance and Support
 R1      185.01
 R2      185.79
 R3      186.62
 R4      187.40
 S1      183.40
 S2      182.57
 S3      181.79
 S4      180.96

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