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GBPJPY Daily Outlook

By:

Action Forex

2009-03-07

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Daily Pivots: (S1) 156.27; (P) 157.81; (R1) 158.78;

GBP/JPY's break of 156.69 minor support suggests that rebound from 154.03 has completed at 160.24 already. Intraday bias if flipped back to the downside and fall from 162.56 should still be in progress for medium term channel (now at 153.21). On the upside, though, break of 160.24 will indicate invalidate this bearish view and suggest that rise from 154.03 is still in progress for 162.56 high.

In the bigger picture, medium term rise from 118.81 is treated as correction to the fall from 215.87 and is expected to conclude in 155.88/167.34 resistance zone (38.2% and 50% retracement of 215.87 to 118.81). Sustained trading below channel support (now at 153.01) will add much credence to this case and will likely encourage a retest of 118.81 low at least. However, before that, another rise cannot be ruled out. But after all, we'll continue to look for reversal signal even if such rally will extend.

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