|Market Comments||Short Term = Correction Down |
Intermediate Term = Sideways
Long Term = Down
The overall movement of the GBP-JPY seems to hit the previous historical price which means knocking its expected resistance level. Having said that despite of the upward direction in the major time frames such as monthly and weekly, there is a strong sentiment that the pair may be going down for correction in the long run. But there is also a significant risk that it could break the current resistance level 181.95 and heading to the next one 189.08 as MACD and Stochastic indicators still moving upward.
In short term, next week from 10 to 14 Nov 2014 there could be corrections downward heading towards 180.40 support level.