Lets see what or action guys think about this.
Daily Pivots: (S1) 151.39; (P) 152.31; (R1) 153.04; More
With 4 hours MACD crossed before signal line, GBP/JPY's recovery from 149.01 might have completed at 153.22 already. Intraday outlook is turned neutral for the moment. Below 150.81 will flip intraday bias back to the downside and break of 149.01 will bring fall resumption to key support level at 146.75. On the upside, above 153.22 will bring another round of recovery. But after all, upside is expected to be limited below 157.47 resistance and bring fall resumption.
In the bigger picture, rise from 118.81 is treated as correction to the larger down trend from 07 high of 251.90 only. Sustained trading below the the medium term rising trend line supports the case that such rise has completed at 163.05 already, on bearish divergence conditions in daily MACD and RSI. Firm break of 146.75 will also complete a double top reversal pattern (162.56, 163.05) and confirm this bearish case. In such case, deep decline should be seen that eventually send GBP/JPY through 118.81 low. On the upside, while another rise cannot be ruled out, upside is expected to be limited by 50% retracement of 215.87 to 118.81 at 167.34 to conclude such correction and bring reversal finally.
Daily Pivots: (S1) 151.39; (P) 152.31; (R1) 153.04; More
With 4 hours MACD crossed before signal line, GBP/JPY's recovery from 149.01 might have completed at 153.22 already. Intraday outlook is turned neutral for the moment. Below 150.81 will flip intraday bias back to the downside and break of 149.01 will bring fall resumption to key support level at 146.75. On the upside, above 153.22 will bring another round of recovery. But after all, upside is expected to be limited below 157.47 resistance and bring fall resumption.
In the bigger picture, rise from 118.81 is treated as correction to the larger down trend from 07 high of 251.90 only. Sustained trading below the the medium term rising trend line supports the case that such rise has completed at 163.05 already, on bearish divergence conditions in daily MACD and RSI. Firm break of 146.75 will also complete a double top reversal pattern (162.56, 163.05) and confirm this bearish case. In such case, deep decline should be seen that eventually send GBP/JPY through 118.81 low. On the upside, while another rise cannot be ruled out, upside is expected to be limited by 50% retracement of 215.87 to 118.81 at 167.34 to conclude such correction and bring reversal finally.
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..Look carefully H4..Long?? You must be Joking at current PA
