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16 Dec 2013
GBP/JPY tumbling intraday – continuing correction started last week – following Tankan survey
FXstreet.com (Barcelona) - GBP/JPY immediately started to tumble following the Japanese Tankan Surveys being released – but that action just continued the downside correction that began last week.
GBP/JPY traders reacting to Tankan data; have only technicals for guidance for the rest of Monday
GBP/JPY traders are selling (showing Yen strength) in reaction to the Nikkei’s bearish reaction to the Tankan Survey data from Japan. For the remainder of the Monday session, the existing downward momentum is likely to continue unless the global “risk trade” gets turned back to the bullish side of the fence in a big way.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY hit a short-term stopping point at third wave projected resistance at 169.74. A fourth wave correction lower is currently under way and has a downside target of 166.60 at a minimum with lower targets possible. The next upside target comes in at the Fibonacci-generated 171 – with the ultimate target for this macro up move up near 178.
GBP/JPY traders reacting to Tankan data; have only technicals for guidance for the rest of Monday
GBP/JPY traders are selling (showing Yen strength) in reaction to the Nikkei’s bearish reaction to the Tankan Survey data from Japan. For the remainder of the Monday session, the existing downward momentum is likely to continue unless the global “risk trade” gets turned back to the bullish side of the fence in a big way.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY hit a short-term stopping point at third wave projected resistance at 169.74. A fourth wave correction lower is currently under way and has a downside target of 166.60 at a minimum with lower targets possible. The next upside target comes in at the Fibonacci-generated 171 – with the ultimate target for this macro up move up near 178.