7 Feb 2014
Flash: GBP/JPY bears likely to still be in control - 2ndSkies
FXStreet (Bali) - GBP/JPY is in a corrective pullback, potentially offering an opportunity to sell on strength, notes Chris Capre, Founder at 2ndSkies Forex.
Key Quotes
"Failing to take out the 'big figure' at 175, the pair has sold off for over 1000 pips across two legs finding a brief reprieve just below 165."
"The pair formed a pin bar and has since climbed higher, but the bounce thus far looks corrective and three whole days have passed not gaining much ground."
"I'm suspecting the bears are still in control, so am looking to sell on a pullback. I'll look to sell on a corrective pullback into the next resistance level around 168.40, which also lines up with the 20ema and dynamic resistance. Downside targets will be 165 and potentially a much larger fall towards 160."
Key Quotes
"Failing to take out the 'big figure' at 175, the pair has sold off for over 1000 pips across two legs finding a brief reprieve just below 165."
"The pair formed a pin bar and has since climbed higher, but the bounce thus far looks corrective and three whole days have passed not gaining much ground."
"I'm suspecting the bears are still in control, so am looking to sell on a pullback. I'll look to sell on a corrective pullback into the next resistance level around 168.40, which also lines up with the 20ema and dynamic resistance. Downside targets will be 165 and potentially a much larger fall towards 160."