GBP/JPY Daily Outlook

13 Aug 2020, 16:20 · Views 2,394

Daily Pivots: (S1) 138.43; (P) 138.96; (R1) 139.51;

Intraday bias in GBP/JPY is back on the upside with break of 139.23 temporary top. Firm break of 139.73 will resume whole rise from 123.94. Next target will be 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, through, break of 137.84 support will now indicate short term topping. Intraday bias will be turned back to the downside to extend the consolidation pattern from 139.73.

In the bigger picture, rise from 123.94 is currently seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

Reprinted from ActionForex，the copyright all reserved by the original author.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.

GBP/JPY Daily Outlook

Hot

Content related