GBPJPY: Vulnerable But Retains Its Broader Long Term Uptrend Bias
February 20, 2014 6:23 pm
GBPJPY – The cross remains biased to the upside in the medium and long terms but now faces corrective downside. In order for it to resume its uptrend, it will have to break above the 171.15/87 levels. A breach could force further upside towards the 172.50 level. Further out, resistance resides at the 173.64 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 169.11 level where a break will aim at the 168.00 level and then the 167.19 level. Further down, support resides at the 166.14 level, its Feb 07 2014 low with a break targeting further downside towards the 166.00 level. All in all, the cross remains biased to the upside in the long term.
GBPJPY – The cross remains biased to the upside in the medium and long terms but now faces corrective downside. In order for it to resume its uptrend, it will have to break above the 171.15/87 levels. A breach could force further upside towards the 172.50 level. Further out, resistance resides at the 173.64 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 169.11 level where a break will aim at the 168.00 level and then the 167.19 level. Further down, support resides at the 166.14 level, its Feb 07 2014 low with a break targeting further downside towards the 166.00 level. All in all, the cross remains biased to the upside in the long term.
GET THE FULL ANALYSIS
UNPARALLELED FOREX ANALYSIS covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP, USDCAD, USDCHF, GBPJPY, EURCHF and 5 Commodities Daily.GET STARTED TODAY
Related Posts: