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The Daily Forecaster

Thu, Apr 23 2009, 03:33 GMT
by Ian Copsey

FX-Forecaster.com  |  View company's profile


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DAILY ANALYSIS FOR GBPJPY
Resistance:142.00142.94143.42-64144.08
Support:141.06140.60140.14139.60

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Bias:       We have broken below the triangle low and this should lead to a test of 139.60

Daily Bullish

Losses were seen as anticipated yesterday and these broke below 141.53 to reach just 6 pips below the 140.67 support. We did see a pullback but this has generated a bearish triangle and thus I feel we may need to wait for lower levels to establish a buying opportunity. Here we have two options - the triangle target is back at 140.60 so we should be aware of the risk of reversal from here again. Below is support at 139.60 - look for a bullish reversal pattern here. Only an earlier direct break back above the triangle low around 142.0020 would lead to direct gains back to 143.42-64 and probably the 145.16 high again.

Medium Term Bullish
22nd April:  Only back above 145.90 would suggest potential for a pullback to the entire decline from 151.52 and this would high light resistance areas around 147.70-148.20, 149.16 and 149.83. However, I do see this as a correction only.


Daily Bearish

Losses have been strong and have seen a new low following which a small triangle developed. This has broken to the downside and thus I am looking for losses to extend further to the minimum target at yesterday's low and we should also note the 140.14 support. While we should be a little careful here I suspect we'll see losses to around 139.60. Take care here as I feel there is a good argument for a correction higher. Only below extends to 138.82 at least. Next support is then found at 138.37 & 137.50.

Medium Term Bearish
23rd April:  Losses from 145.16 have pushed to new lows and this should push a little further to 139.60. Take care here as there is a strong suggestion of a reversal higher from here. Only below maintains losses for 138.37 & 137.50.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

Published on  Thu, Apr 23 2009, 03:38 GMT


FX-Forecaster | 2-42-23 #203 Uehara, Shibuya-ku, Tokyo, 151-0064, Japan
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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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