26 May 2015
GBP/JPY: Failure to rise above 190.00 might lead to a dip towards 186.44 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, explains that GBP/JPY might make a move lower towards 186.44 as bulls are seen losing interest in the pair, whereas a daily close above 190.00 will negate this view and lead to a push towards 192.00 levels.
Key Quotes
“The British Pound may rally in anticipation of an upward revision of the first quarter GDP. In case, the pair fails to break above 190.00 on a daily closing basis, a renewed selling pressure could push the pair back to 187.78.”
“The said level would also act at as neckline for the double top formation in case the pair reverses from 190.00. Thus, a break below 187.78 would shift risk in favor a fall to 186.44 (23.6% Fib R of 174.86-190.00)”
“A spinning top candle for the previous week indicates the bulls may be losing interest and we may have a reversal on the cards.”
“Overall, Fresh sell-off could be expected anywhere between 189.50-190.00 levels for the downside target of 187.78 and 186.44 with stop orders seen above 190.00 levels.”
“However, a daily close above 190.00 could bring in fresh bids that may push the pair higher to 192.00 levels.”
Key Quotes
“The British Pound may rally in anticipation of an upward revision of the first quarter GDP. In case, the pair fails to break above 190.00 on a daily closing basis, a renewed selling pressure could push the pair back to 187.78.”
“The said level would also act at as neckline for the double top formation in case the pair reverses from 190.00. Thus, a break below 187.78 would shift risk in favor a fall to 186.44 (23.6% Fib R of 174.86-190.00)”
“A spinning top candle for the previous week indicates the bulls may be losing interest and we may have a reversal on the cards.”
“Overall, Fresh sell-off could be expected anywhere between 189.50-190.00 levels for the downside target of 187.78 and 186.44 with stop orders seen above 190.00 levels.”
“However, a daily close above 190.00 could bring in fresh bids that may push the pair higher to 192.00 levels.”