GBPJPY Daily Forecast Mar 14 2014

The GBPJPY maintained a bearish momentum yesterday , topped at the 171.62 levels and bottomed at the 168.70 levels . This development leaves the pair targeting the 167.40 levels , a halt is likely , but losing the 167.40 levels on a daily basis will open 165.70 next , more losses will aim the 163.85 levels.

On the upside , a failure to hold below the 168.70 levels could mean a return to the 170.85 levels , break of 170.85 will open main resistance  at the 171.62 levels .If this resistance is taken out , expect the market to strengthen further towards the 173.57 levels , more gains will pave the way to the 175.00 levels ahead of the 176.50 levels.

In all , as long as resistance 171.62 holds on a daily basis , the GBPJPY will remain based to the downside in short term view with risk towards the 167.40 levels ahead of the 165.70 levels , break of 171.62 on a daily basis will reverse risks towards the 173.57 levels ahead of the 175.00 levels.


GBPJPY Daily Forecast Mar 14 2014