18th Dec - Time for a Pullback in GBP/JPY
18 December 2013
MONTHLY CHART:
The recovery is now testing the long term 168.10 38.2% retracement – this is a good place for temporary resistance to emerge.
DAILY CHART:
The bull move recently reached the bull channel top projection, around 170.00 now (and close to the Monthly chart’s 38.2% level). Resistance has, not surprisingly, emerged around here and a pullback looks likely.
First support of note comes from the 159.98 Sep high area. More key though is the lower channel base support at 155.75 currently.
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