GBPJPY – Daily Forecast 02 Aug 2013

The GBPJPY maintained a bullish momentum yesterday, bottomed at 148.23 and topped at 150.66, now pressure will be on the key resistance 150.66, the GBPJPY will have to hold above the 150.66 levels on a daily closing basis to push the market for further upside gains ,Is seen It will target the 152.82 levels where a breach will turn the focus on the 154.00 levels.

Alternatively, a failure to hold above the 150.66 levels could mean a return to the 148.23 levels, losing this level will reverse risks to the downside 146.46/145.85 where a strong rise is suggested …

In all, as long as the 148.23 holds on a daily closing basis, the pair will remain biased to the upside, losing 148.23 will reverse risks to the downside towards the 146.00 levels.

Support and Resistance levels on  daily chart :

137.85 , 140.36 , 143.78 , 145.85 , 147.08 , 148.23 , 150.66 , 152.82 ,154.00, 156.75

MARKET DATA

UPCOMING ECONOMIC EVENTS

3 COMMENTS

  1. hi,morning sir
    i have been following you from few months,you have said that EUR/USD will fly towards 1.40000 and above but sir my question is,EURO zone is having many problems than how could it reach such a high,where US has such a strong fundamentals?

  2. Hi hemanth and sorry for late to response to you !!
    First of all….I didn’t say the EURO will fly , I said may ?!!!
    There is a big difference between “will” and “may” ….
    Will: means confirmation while may means high possibility!!!

    Ok…fundamental data rules the market from short to medium term outlook, in the bigger picture we have to look back for too may years, example if we look to monthly chart from 1980 till today, It’s obvious and clear the EURO is bullish, fall from 1.6037 2008 high treated as consolidation pattern , this consolidation is likely over around 1.18 levels 2010 low…..

    Now If we ask a simple questions !!
    What made the EURO falls in 2008 !!
    It’s the global economic crisis of 2008 !!
    Now it’s gone , and the world craves to the pre-2007 ,

    US economy is collapsing in the long run , the only solution for US government is to take oil and gold prices up to the sky , we’re talking about 150 $ and 200$ for Oil , for gold , it will crack the 2000 $ even more ….but it won’t happen these days !

    Everything in the world says the market will shift to a new trading zone , probably the middle of 2008/2012 range , let’s take the EURO as example , It declined from 1.6000 levels towards 1.2000 levels , the middle of this range is 1.4000…
    so most likely the EURO will trade around this range 1.4000 or between ( 1.3000/1.5000) in the nearest future…

    The smart question is when ?!!!

    I don’t know….maybe the few coming weeks, or by the end of this year….it’s unclear yet….

    Technically, according to monthly chart, as long as long as 1.2745 holds on a monthly closing basis, the pair is heading towards 1.4000/1.5000 zone …..

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