novvoll12
Long

GBPJPY – Carves out a consolidation zone with l-t uptrend intact

FX:GBPJPY   British Pound/Japanese Yen
17 0 0
GBPJPY             185.72 – long-term bullish – Carves out a consolidation zone with uptrend intact

GBPJPY             staged a sharp reversal off the 180.34/180.47 minor double bottom (September 4/7, 2015 lows) to approach 187.49 (September 10, 2015 high), retracing near 50% of the 195.24/180.34 fall. The 3.5 year rising trendline remains intact (as shown on the weekly chart). While the 180.34/180.47 support zone holds dips, scope remains for further gains near term to open the 189.70 resistance (December 1, 2014 high) ahead of 192.33 (76.4% of the 215.88/116.82 fall). However, weakness below the 180.34 area would caution bulls and shift the focus to 174.87 ( April             13, 2015) near the 3.5-year rising trendline (from May 28, 2012 low).
Intraday: bullish
Daily: bullish
Weekly: neutral
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