GBPJPY - Weekly Strategy (28 Jan - 01 Feb 2013)

Pivot: 142.62

Recommendation: LONG positions above 142.62 with 143.50 & 144.80 as next targets.
Alternative scenario: The downside breakout of 142.62 will open the way to 141.37/139.25.
Comment: As long as the key support 142.62 holds, more gains to 143.50/144.80 levels are suggested, break of the key resistance 144.80 will advance the pair to 148.23 levels,while break of the key support 142.62 will call for a rebound to 141.37/139.25 but downside below 142.62 is supposed t be contained well above 139.25 to bring another rally to 144.80 levels, If 139.25 fails, expect the pair to weaken further to 136.00 levels..

Best Regards

Haitham

Tags: GBP/JPY, GBPJPY

2 members like this

Comment by jack on January 27, 2013 at 12:18pm: Cheers mucho Haitham, appreciated

Comment by Haitham653 on January 27, 2013 at 12:19pm: Simply we buy above 142.62 with tight stop below this level, If 142.62 fails, we can go long above 141.37 with target to 144.80 and higher !!!!

Comment by Peter jcp on January 27, 2013 at 4:44pm: Hi Haitham - I noticed your oscillator looked OS on your chart - and then noticed it was a 30 min chart. Are you not seeing OB on your 8 hr daily and weekly charts - and with it being a resistance level in between your Fibs - favouring probability more on a further retrace ?

Just a thought

Have a great trading week

Regards

Peter