GBP/JPY's recovery continues further and with 4 hours MACD crossed above signal line, an intraday low should be in place at 146.30. Some sideway trading could now be seen and strong recovery to 4 hours 55 EMA (now at 148.66) cannot be ruled out. But after all, upside is expected to be limited well below 150.30 resistance and bring fall resumption. As noted before, rebound from 136.96 should have completed at 153.21 already. Below 146.30 will target 144.51 first and break will bring retest of 136.96 key near term support.
In the bigger picture, the bearish outlook remains unchanged. That is, medium term rebound from 118.18, which is a correction to the long term down trend from 07 high of 251.90, has completed with a double top reversal pattern (162.56, 163.05). Fall from 163.05 is tentatively treated as resumption of the long term down trend and should target a new low below 118.81 after completing the rebound from 139.69. We'll hold on to the bearish view as long as 61.8% retracement of 163.05 to 136.69 at 154.12 holds [actionforex]
"P&F GBPJPY1440 Box Size4 250X3 or(6.89%) HI/LO
Data 251.09 - 118.785 ~ 48 Month ~ 1477 Day
Database 1050 records
147.803 (Last Close)
2005-11-07 00~00
2009-11-23 00~00 (GMT+01:00) Paris
BJF Trading Group chart"
250.75|~425||________o_x_________________________| 0.14%|111.1%
246.50|~85O||______x_o_x_o_______________________| 1.83%|107.52%
242.25|~1275|______x___x_o_______________________| 3.52%|103.94%
238.00|~17OO|__x___x_____o_x_____________________| 5.21%|100.36%
233.75|~2125|__x_o_x_____o_x_o___________________| 6.91%|96.78%
229.50|~255O|__x_o_x_____o_x_o___________________| 8.6%|93.21%
225.25|~2975|__x_o_______o_x_o___________________| 10.29%|89.63%
221.00|~34OO|__x_________o___o___________________| 11.98%|86.05%
216.75|~3825|__x_____________o___________________| 13.68%|82.47%
212.50|~425O|__x_____________o_x_________________| 15.37%|78.89%
208.25|~4675|__x_____________o_x_o_______________| 17.06%|75.32%
204.00|~51OO|o_x_____________o_x_o_______________| 18.75%|71.74%
199.75|~5525|________________o_x_o_______________| 20.45%|68.16%
195.50|~595O|________________o___o_______________| 22.14%|64.58%
191.25|~6375|____________________o_______________| 23.83%|61.01%
187.00|~68OO|____________________o_______________| 25.52%|57.43%
182.75|~7225|____________________o_______________| 27.22%|53.85%
178.50|~765O|____________________o_______________| 28.91%|50.27%
174.25|~8O75|____________________o_______________| 30.6%|46.69%
170.00|~85OO|____________________o_______________| 32.3%|43.12%
165.75|~8925|____________________o_______________| 33.99%|39.54%
161.50|~935O|____________________o_x___x___x_____| 35.68%|35.96%
157.25|~9775|____________________o_x_o_x_o_x_o___| 37.37%|32.38%
153.00|~1O2O|____________________o_x_o_x_o_x_o_x_| 39.07%|28.8%
148.75|~1O62|____________________o_x_o_x_o___o_x_| 40.76%|25.23%
144.50|~11O5|____________________o_x_o_x_____o_x_| 42.45%|21.65%
140.25|~1147|____________________o___o_x_____o___| 44.14%|18.07%
136.00|~119O|________________________o_x_________| 45.84%|14.49%
131.75|~1232|________________________o_x_________| 47.53%|10.91%
127.50|~1275|________________________o_x_________| 49.22%|7.34%
123.25|~1317|________________________o_x_________| 50.91%|3.76%
119.00|~136O|________________________o___________| 52.61%|0.18%
114.75|~14O2|____________________________________| 54.3%|-3.4%
Column|~1445|1_9_3_5_2_2_7_4_104_175_10103_3_5_3_|
Count
BJF-Trading-Group-091123_gbpjpyMix.xls