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Thread: GBP/JPY - British Pound Yen

  1. #1
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    Default GBP/JPY - British Pound Yen

    Short term (Intraday)
    207,16. GBP JPY broke 205,50 resistance. GBP JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility rises. Bollinger bands are deviated. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. 1H ForexSto (Modified Stochastic) indicate a bullish pressure on GBP JPY. 4H ForexSto (Modified Stochastic) crosses and gives a positive signal. The price should find a resistance below 207,50. The consolidation should continue. We won't take a position. The risk/reward ratio is too high to take a position..
    Resistances
    207,50 - 208,00
    Supports
    205,80 - 204,80

  2. #2
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    Default

    GBP/JPY staying below 4 hours 55 EMA (now at 200.67), fall from 205.09 should still be in force.
    Break of 198.07 will indicate that fall from 205.09 has resumed. Further break of 196.83 will confirm that rise from 192.60 has completed at 205.09 after meeting short term channel resistance.

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