GBPJPY Daily Forecast Mar 07 2014

The GBPJPY jumped towards the 172.82 levels yesterday , bottomed at the 170.97 levels . This scenario is likely to open the 174.00 levels ,If reached ,  a halt will be  in sight and the pair might reverse from that point , but break of the 174.00 levels will call for a run to the 175.30 levels , more gains will aim the 177.00 levels.

On the downside , minor support comes at the 171.50 levels , stability above this level could send the pair towards the 174.00 levels , but losing the 171.50 levels will open main support at the 170.98 levels ,this level should contain any downside move and bring reversal to the upside , but If 170.97 fails on a daily basis , next support will be 168.95 before the next possible rise.

In all , as long as support 170.97 holds on a daily closing basis , the GBPJPY will remain based to the upside towards the 174.00 levels , losing the 170.97 levels would weaken the current bullish run and reverse risks towards the 168.95 levels before the next possible rise.


GBPJPY Daily Forecast Mar 07 2014