GBP/JPY could bounce from current levels

14. January 2016 · Write a comment · Categories: EDGE Chart of the Day · Tags: , ,

The GBP/JPY (Guppy) is sitting on some key long term support, but more importantly is forming a descending wedge on the hourly chart, which is typically a reversal pattern. Here is the longer term chart first:

1-14-16GBPJPY2

As you can see above, the 127% extension of the 2015 lows to highs comes in around the 169.20 JPY level.

1-14-16GBPJPY1

The hourly chart shows a descending wedge, and if the currency pair closes at new highs for today, the bounce should start.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am not long the GBP/JPY, but am looking to establish longs in the coming day(s)

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Guppy Touching Resistance from 2008 – GBP/JPY

15. June 2015 · Write a comment · Categories: EDGE Chart of the Day · Tags: , ,

The GBP/JPY (AKA the Guppy) probed previous weekly support dating back to March of 2008. But if you look a little closer, we are also probing the 161% Fibonacci extension from the 2009 highs to 2011 lows. See below:

6-15-15GBPJPY

If you look even CLOSER what you will notice is that we also just overshot (slightly) the 161% extension of the February highs to the April lows:

6-15-15GBPJPY1

The GBP/JPY is facing some very strong resistance and may be due to pullback from current levels.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am establishing a short position at current levels today

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