DAILY FORECAST FOR GBPJPY

Bias: The breach of 157.07 was very brief and from there was have seen a solid push higher and this does seem to suggest more gains in the short term at least. Support is at 157.90-10 (max 157.60) and while this area supports I feel we’ll see gains extend to 159.67 at least. take care there in case this generates a pullback. However, even if seen I feel later the risk is for additional gains to 160.00-50. here I feel we should be looking for bearish reversal patterns. Also note the resistance at 161.39.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

Kind regards

Ian

The Brief Daily Forecaster.pdf