Monday, September 28, 2009

Reached 141 Target, 135.71 Next

GBP/JPY H4 Chart

GBP/JPY finally reached the 141 area target which is the 50% retracement of 118.80 to 163.06. The pair actually reached as low as 139.71, slightly breached the 200% Fibonacci extension of a-b-c. At the moment, the pair is trying to break its 23.6% retracement of 150.36 to 139.71 at 142.23 while 38.2% and 50% retracement levels are at 143.78 and 145.03 respectively. After so much pips down, a retracement toward 145 is very likely, although I will wait until it breaks current resistance. The outlook for GBPJPY is still bearish with 135.71 (61.8% retracement) as target after breaking 139.71 current low.

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