InvestingScope

GBPJPY: Crossed the 1W MA200 for the first time in 3 years. Buy.

Long
FX_IDC:GBPJPY   British Pound / Japanese Yen
GBPJPY made a new strong bullish leg (after breaking the 1W MA50 in October) on the 1W chart ( RSI = 68.011, MACD = 1.620, Highs/Lows = 5.9850, ADX = 42.195) that succeeded at crossing above the 1W MA200 last week. That was the first time it crossed above that level in 3 years. Last time it crossed above the 1W MA200 (then after trading below it for 4 years) was in December 2012 and a hyper strong bullish wave started that lasted 3.5 years.

Since that multi-year buy sequence peaked just below the 0.618 Fibonacci retracement level, we assume the current wave will also reach at least its 0.618 Fib point, and we've set a Target Zone for that at 162.000 - 168.000. Notice also how every low since September 2011 is connected by a straight line that offers Higher Low Support. This indicates that on the long term there are willing buyers who defend this certain level and create a strong demand zone .





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