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GBP/JPY Warns a breakout
Posted on November 18, 2009 at 4:09 in Intraday Techs by César B. Leiceaga

The big triangular pattern and narrowing bollinger bands are warning a breakout that could easily happen today after the BOE’s Minutes is released.

If the breakout occurs to the upside the relevant resistance area comes in at 151,50 and 153,00 handle. If the breakout seems to be bearish for cable keep an eye on 146,50-147,00 support zone.

GBP/JPY 4 hour chart:

César B.Leiceaga

Tags: cable, gbp, gbpjpy, gbpjpy 18 November 2009, gbpjpy intraday, gbpjpy technical analysis, jpy, pound, yen

5 Responses to “GBP/JPY Warns a breakout”

  1. on 18 Nov 2009 at 5:24 am1carlab

    Hi César: Yes this is the one I am looking for… to break south, but I am getting nervous…Good luck

  2. on 18 Nov 2009 at 5:58 am2A-SOLTANI

    DEAR CESAR

    there are 2 strong support for GBP : 6750 & 6675. both GBP & GJ pri.trend are bullish. specially GJ first leg rally was bullish (139.65-153.25). so it seems the triangle is correction and second rally will start soon toward 153.25.

    best support would be 148 (23% fibo.ret) & 150 (38%)

    Best regard.

  3. on 18 Nov 2009 at 7:10 am3César B. Leiceaga

    Hi guys,

    It’s still holding the tight range, the breakout can be huge…

    Best Regards!

  4. on 18 Nov 2009 at 11:02 am4su25

    Hi Cesar
    Is it normal for macd and other oscillators to not show any divergence! This makes guessing direction of breakout all the more difficult. Any other indicators which can give a clue on likely direction of breakout?
    Regards.

  5. on 19 Nov 2009 at 4:15 am5César B. Leiceaga

    Hi SU25,

    To be honest with you I focus only on price action, you can try ADX to determine strength on a trend and divergences on shorter timeframes in RSI to guess were a particular pair is pointing to.

    Best Regards.

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