Slobodan Drvenica
Windsor Brokers
GBP/JPY
GBPJPY rose to one-month high on Monday and generated initial signal of bullish continuation on probe above the top of month-long range (192.16) reinforced by 200DMA.
Firm break here to confirm signal and open way for fresh upside, with immediate target at 194.10 (50% retracement of 208.11/180.09 downtrend), violation of which to unmask next barriers at 197.00 zone.
Improving daily studies (Tenkan-sen/Kijun-sen bull-cross / strong positive momentum) contribute to brightening outlook, but reaction on 200DMA will key factor.
Caution on failure to clear 200DMA which would signal a false break higher and keep the price in extended sideways mode.
Res: 193.25; 194.10; 195.86; 196.92.
Sup: 192.16; 191.33; 190.79; 189.60.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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