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Thread: Monthly Outlook for GBP/JPY

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    Default Monthly Outlook for GBP/JPY

    Monthly Outlook for GBP/JPY
    Comment: Very difficult as we hover around important very long term resistance at 240.00/241.60. Last weeks close above 240.00, while the highest since September 1992, was not mirrored in other major currencies. Minor ones yes, but not the Euro or the Swiss franc. Therefore the jury is still out as to whether we have managed an important break higher and so we shall continue to allow for another corrective move lower. A drop to 232.00 is probably the minimum one can expect, and a sustained move below 225.00 looking unlikely. Note that the longer we hold above 234.00 the smaller the chance of a correction lower. Later this year we do expect a sustained move up to 260.00.

    A weekly close below 220.00 or above 241.60 forces us to review.

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    Any suggestion for this month?
    "Strategy without action is just dreaming, action without strategy is nightmare" Japan proverb

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    Today the monthly pivot 234,12 is very hard to break through. Not even when the TF From M1 to D1 every TF is in the same direction: long.
    it seems that there will be a double top there and may fall 100-12o pip or more this evening or tomorrow week closing. The other side of H4 bollinger.
    "Strategy without action is just dreaming, action without strategy is nightmare" Japan proverb

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