2 Dec 2014
GBP/JPY: Breakout formation in play - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, a breakout formation in GBP/JPY is in play after intra-day volatility.
Key Quotes
"Price action intra-day for this pair was a volatile one today. Intra-day the pair was bought up just above 185 and the dynamic support in the 20 EMA. The pair bounced off the lows regaining most of the intra-day losses, so bids were relatively un-phased by the heavy selling, still wanting to trade with the trend."
"The overall breakout formation is still in play and the pair is now holding above 185.95/186. Any corrective dips into the lower 185 area could be considered a buying opportunity with a tight stop below the daily lows. Note the pair is holding above 186 over the last 10+ hours."
"Upside targets remain 189 and 191. Only a daily close below 185 dampens the ST bullish outlook."
Key Quotes
"Price action intra-day for this pair was a volatile one today. Intra-day the pair was bought up just above 185 and the dynamic support in the 20 EMA. The pair bounced off the lows regaining most of the intra-day losses, so bids were relatively un-phased by the heavy selling, still wanting to trade with the trend."
"The overall breakout formation is still in play and the pair is now holding above 185.95/186. Any corrective dips into the lower 185 area could be considered a buying opportunity with a tight stop below the daily lows. Note the pair is holding above 186 over the last 10+ hours."
"Upside targets remain 189 and 191. Only a daily close below 185 dampens the ST bullish outlook."