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3 Mar 2015
GBP/JPY set to move lower to 182.58 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst , Omkar Godbole, the GBP/JPY sellers might push the pair lower to 182.58 levels, with the pair failing to extend gains even after breaching the channel resistance.
Key Quotes
“The GBP/JPY pair has been stuck largely in the range of 184.0-185.00 since last couple of sessions, as the pair fails to sustain gains above185.00, while fresh demand around 183.50 ensures it sustain above 184.00 on the daily closing basis.”
“On Technical grounds, the pair has repeatedly failed to extend gains even after breaching the channel resistance on a couple of occasions.”
“With the repeated failure at the channel resistance currently located at 184.58 levels, the pair appears more likely to test the 100-DMA at 183.02.”
“Moreover, a failure to sustain above 61.8% Fib retracement (189.68-175.48) located at 184.26, could push the pair down to 182.58 levels (50.005 Fib retracement).”
“Thus, selling pressure can be anticipated at the current level of 184.20, which could push the pair down to 182.58 levels. The bearish view is at a risk of daily close above 185.00 levels.
Key Quotes
“The GBP/JPY pair has been stuck largely in the range of 184.0-185.00 since last couple of sessions, as the pair fails to sustain gains above185.00, while fresh demand around 183.50 ensures it sustain above 184.00 on the daily closing basis.”
“On Technical grounds, the pair has repeatedly failed to extend gains even after breaching the channel resistance on a couple of occasions.”
“With the repeated failure at the channel resistance currently located at 184.58 levels, the pair appears more likely to test the 100-DMA at 183.02.”
“Moreover, a failure to sustain above 61.8% Fib retracement (189.68-175.48) located at 184.26, could push the pair down to 182.58 levels (50.005 Fib retracement).”
“Thus, selling pressure can be anticipated at the current level of 184.20, which could push the pair down to 182.58 levels. The bearish view is at a risk of daily close above 185.00 levels.