GBPJPY Weekly Forecast Sept 22 2014

Despite the strong bullish move , outlook in GBPJPY  has turned neutral with risk to the upside , support comes at the 174.48 levels ahead of the 172.92 levels (main), a failure to hold below the 172.92  levels on a weekly closing basis could mean a return to the 177.50/180.70  levels , a break will resume the whole rise  towards the 183.80  levels , a halt is likely , but breaking  the 183.80  levels will continue gains  towards the 187.75 levels.

On the downside  , support comes at the 174.48 levels ahead of  the 172.92  levels (main) , sustained trading – weekly closing  – below the 172.92  levels will put the pair in  consolidation mode , but downside  move below  the 172.92  levels should be contained well by the 169.33  levels..

In all , as long as support  174.48/172.92  holds on a weekly closing basis , outlook in GBPJPY  remains on the upside  towards the 177.50/180.70   levels , and possible higher  towards the 183.90  levels , below the 172.92  levels will bring consolidation  within 172.92/169.33  range  before the next rise.


Conclusion :

Time Frame : Weekly

Bullish Mode : Above 172.92

Consolidation Mode: Below 172.92

Bearish Mode : Below 169.33



GBPJPY Weekly Forecast Sept 22 2014