What are our targets for the GBP/JPY? This might all depend on Central bank intervention.
Last week the BoJ briefly intervened and now there is speculation that the BoE will follow through with similar measures to help prop up the pound, which has cratered in the past two days in response to the dismal economic outlook of the UK and new tax cuts from the government.
Based on Fridays Analysis, We conferred that the overall outlook of GJ had turned Bearish. It looks like the the first 2 Weeks of the Monthly Candle tried and created a top wick and we did come down pretty hard on Friday moving around 75 Pips to the bearish side. As we now enter the third week, we will come back up to create a top wick on the weekly and should...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=138.75.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=139.55.
TP4: R2=140.1.
Set the stoploss of these orders at breakout of S2=138.55.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=147.55.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=148.6.
TP4: R2=149.
Set the stoploss of these orders at breakout of S2=147.3.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
