Levels of resistance for further selling of GBPJPY
Price is currently at the 55 EMA/ 140.50. Stoch indicates further bearishness with the target for the month at 138.50
Price has passed the bearish target for the week with the monthly target 100 pips below WS3. At the time or writing this price continues to move lower. Should price pull back from current daily 55 support/ 140.50 resistance is eyed at 141, 141.50 and the zone between 142 and 143. Also pay attention to the H4 21 - currently in the zone between 142 and 143.
141 marks role reversal DM2, 141.50 is where the 21 is currently located though this will have moved lower before London open, 142 marks DPP, 142.50 marks the 61.8% fib of the recent bearish move/ role reversal of previous support and 143 marks the 78.6% fib.
About The Forex Analyst
USDollar Bull based on current FOMC monetary policy. Euro Bear based on current ECB monetary policy. Currently neutral on the Pound. Bear on oil, Cad and Nok. Trade Yen in line with movement of price in Treasuries and seasonality. Bear on Gold due to bias on Dollar. Trade Nzd inline with global dairy prices and RBNZ central banking policy. Trade Aud inline with global commodity prices, Chinese macro and RBA central banking policy. Trade Mexican Peso repatriation at the end of each month. Head Coach at www.MetaTraders.com and analyst at Forex.Today.