GBP / JPY Technical Analysis Dec 16

Will the GBPJPY fall at 146.66 or are the buyers taking over?

The GBPJPY stabilized close to the 146.66 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control over the price.

The price, since the 14th of December 2016, has been mostly oscillating within an upside pattern between the range of 145.13 and 148.11 respectively.

Probable Scenario

The latest formation and stabilization close to the 146.66 level is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 145.13.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 147.55 area, the price could rise to 149.05 Fibonacci’s 261.8%.

Today’s Major Announcements

  • There are no any major releases on the sterling or the yen

Synopsis

·         Probable trend (Bearish): 146.66

·         Bearish take profit target: 145.13

·         Stop loss target: 147.55

·         Alternative trend (Bullish): 147.55

·         Bullish take profit target: 149.05