Will the GBPJPY break above 141.72?
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 29th of November 2016, from as low as 138.47 to as high as 141.25.
Stabilization and minor bullish attempts are surfacing again below the 141.72 level which is today’s major pivot point area.
In the condition where the bulls are able to lead the price above the 141.72 zone and exert greater pressures, the pair could appreciate to 143.69.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 45 level.
In contrast, in the scenario where the pair drops to the 140.47 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 138.47 zone.
- The Bank Stress Test Results and the Financial Stability Report releases will have a medium influence on the sterling
- The Foreign Bond Investment (Nov 25) and the Foreign Investment in Japan stocks releases are expected to have a medium influence on the yen
· Probable trend (Bullish): 141.72
· Bullish take profit target: 143.69
· Stop loss target: 140.47
· Alternative trend (Bearish): 140.47
· Bearish take profit target: 138.47