The Pound
versus the Yen was inside a well-formed bullish channel on the daily chart, but
during the past two days it has broken below it and below the 200 day
exponential moving average (blue line), around the 185.94 level. Even though
the price corrects to the upside during today´s session, that could just be a
retracement to continue falling. If the price continues falling, then the
184.00 could act as its next support. In case the price breaks above the 200
day exponential moving average, then its next resistance could be the 187.00.
It may retest the bullish channel before another push down.
ReplyDeleteWell spotted! Thanks for sharing it.
ReplyDeleteIt's still testing the support at 184.70.
ReplyDeleteGreat analysis, thanks for sharing!
ReplyDeleteGreat take on markets!
ReplyDeleteExcellent analysis, thank you.
ReplyDeleteExcellent analysis.
ReplyDeleteThanks for your analysis.
ReplyDelete