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The pair fell heavily yesterday, following U.S. Stocks, yet already recovered almost the 50 % of the fall, reaching the daily pivot point (as usually does, after this movements) Quoting around105.15, and with indicators suggesting a bullish continuation, the pair is very close to first resistance zone, at 105.25, that should be broken in order to continue ti the next tough zone around 105.50/60. Only above this last the pair could gain bullish momentum, first to 106.05 and finally the zone around 106.38. Supports from here will be at 104.86, followed by the zone around 104.45 and finally 104.10. As is happening these last weeks, any dip in the pair seems to be a great buying opportunity.
Valeria,
Do you think that the GBP/JPY has any chance of regaining the 206 level anytime soon?
Thanks.
Hi Mike, to tell you the true, I don’t see any: the pair has break to the downside a key zone around 190.00 and seems hard to be recovered: in longer term, pair is adressing to the key 184,00 that if broken will take the pair close to 178.90.