Bulls held ground yesterday by staying above 161. Price took a corrective move in today's Asian Session but it has been dry. Price is currently trying to push back above 161.00.
In the dailies, bearishness is unclear with bulls continuing to reject any bearish bid by pushing above 61.8% retracement back to daily highs. This tells us the GBPJPY will continue to be moving sideways.
I have been guessing that Monday to Wednesday should be mostly bearish because the FED hasn't come out with their statements about the recent fiasco in the banking sector. However, the merge of UBS and Credit Suisse seems to offer the solitude for the bulls thereby putting price in a range.
For today, best areas to short should be close to yesterday's high and that would be around 161.50 to 161.75.
Another sell off should be an opportunity close to 159.00.
In the dailies, bearishness is unclear with bulls continuing to reject any bearish bid by pushing above 61.8% retracement back to daily highs. This tells us the GBPJPY will continue to be moving sideways.
I have been guessing that Monday to Wednesday should be mostly bearish because the FED hasn't come out with their statements about the recent fiasco in the banking sector. However, the merge of UBS and Credit Suisse seems to offer the solitude for the bulls thereby putting price in a range.
For today, best areas to short should be close to yesterday's high and that would be around 161.50 to 161.75.
Another sell off should be an opportunity close to 159.00.