FOREX;gbp/yen.


GOOD MORNING, this morning we’re going to see the GBP / JPY cross since the last perid is having interesting developments. First we can see that the underlying intermediate trend is bullish and this momentary price reduction could only be a retracement of the movement since after touching the 0.50 level of Fibonacci it immediately began to rise again. Now we could expect that the price after breaking the bearish channel can go to retest this support and then maybe continue to rise; in fact the yellow circle is a very important area where the line 0.382 of the Fibonacci fan passes and could act as a support. ADX shows that the trend in progress is losing strength and if the intersection should occur with any confirmation of a downtrend and ADX still signals that the trend loses strength then i that could be further confirmation. To summarize, for the short you can go short to the upper base of the channel and then if you break that support then you would continue the short but if it were to rebound then you could go long until the next resistance at 148 yen.

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