Technical analysis for GBPJPY leading into New York. The 10Y is moving sideways currently hence the ranging markets. Looking for further profit taking during New York (Yen strength) though awaiting breakout of ascending triangle on H1 to confirm move.
As per yesterday's trade plan price found support just below the daily 55/ 140.50. Take note of the daily stoch and the fib of the bullish move. Monthly target remains MS2. Note the 31.8% at MM1 and the 50% at MS2. Also note the daily stochastic.
We identified resistance higher up though price failed to move about 141.50/ MS1. The stoch says up for longer and price has failed to make a lower low below 140.50. Resistance levels from yesterday still in play - H4 21, WS1 role reversal, 142.50.
Ascending triangle with DPP currently providing support and MS1 role reversal providing resistance. H1 stoch moving down towards oversold. Resistance on H4 and daily show the following confluence: 141.50 at DR1, 142 in daily profit zone between DM4 and DR2 with 142.50 much higher up.
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<p>“Many shall be restored that now are fallen,<br /> and many shall fall that now are in honor.”<br /> HORACE—ARS POETICA</p>