The bearish pressures on the GBPJPY pair resumed since the opening of today’s trading session and have forced the price to aggressively decline from 177.33 to 175.95with an earlier market gap at 178.18.
Since last Thursday, the 31st of December 2015, the price has been oscillating within a stable mode slightly above the 178.18 zone.
Today’s major pivot point level is 175.95 an area where both the bulls and the bears will attempt to take control over the pair.
The Stochastic oscillator’s latest formation indicates that the price has greater chances this time to retrace to the upside at the 20 level.
In the event where the buyers surpass the sellers in volume, the pair could once again rise to 177.33, Fibonacci’s 100.0%, and 178.18, Fibonacci’s 161.8%.
In contrast, in the scenario where the sellers increase their pressures and manage to force the price below the 175.48 level, the pair could drop to 174.55 and lower.
Today’s Major Announcements
- There are no any major announcements that could strongly impact the Japanese yen
- The Markit Manufacturing PMI (Dec), the Consumer Credit (Nov), and the Mortgage Approvals (Nov) releases are expected to have a medium impact on the sterling
- Probable trend (Bullish):175.95
- Bullish take profit targets:177.33, 178.18
- Stop loss target:175.48
- Alternative trend (Bearish): 175.48
Bearish take profit target:174.55