GBP / JPY Technical Analysis Dec 5

Will the GBPJPY break above 143.52?

The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.

The pair has escalated, since the 30th of November 2016, from as low as 139.91 to as high as 143.52.

Stabilization and minor bullish attempts are surfacing again above the 143.52 level which is today’s major pivot point area.

Probable Scenario

In the condition where the bulls are able to lead the price above the 143.52 zone and exert greater pressures, the pair could appreciate to 145.71.

Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 60 level.

gbpjpy-dec-5-2016

Alternative Scenario

In contrast, in the scenario where the pair drops to the 142.15 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 139.91 zone.

Today’s Major Announcements

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

Synopsis

·         Probable trend (Bullish): 143.52

·         Bullish take profit target: 145.71

·         Stop loss target: 142.15

·         Alternative trend (Bearish): 142.15

·         Bearish take profit target: 139.91