GBPJPY has been having an interesting couple of days. At the beginning of the week, we saw it making a huge fall and it went down to 141.5. Then we saw some accumulation happening and we saw a lot of whipsaws within a 150 point range yesterday and then we finally saw the breakout towards the close of yesterday and it went on to close above its crucial resistance at 143.75.
So, unless GJ has a clear break below 143.75, we should see the upmove continue for today. As seen from the hourly chart, first target would be to clear 144.5 and then clear 145.2 which proved as a good resistance yesterday. Then , we should be aiming for 146 and finally 146.8 which should be a major resistance.
On the downside, a break of 143.75 should take it down to 143 and then to 142.2 which has proved to be a very good support for the past week or so.
Should be an interesting day !!
Thank you for sharing your analysis. What time zone are you ? Based on your profile you are from India but the question what time this blogsite displays ? Indian time or USA(pst/est/cst) time or GMT ? Can you please let me know..
ReplyDeleteBased on my post comment, it looks like sever time is PST.. But I want to make sure.. Can you please confirm ?
ReplyDeletei am in india which is GMT + 5.5 hrs....
ReplyDelete