Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 152.80 would begin in Midterm. Price may also reach 152.80, if price reaches this level, we may enter by Daily-Trading-Opportunities, this entry is not according to our Strategy, and depends on personal strategies.
Trading suggestion: There is possibility of temporary retracement to suggested Sell Zone (147.75 to 150.15), if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
. Beginning of entry zone (147.75) . Ending of entry zone (150.15)
Technical analysis: A peak is formed in daily chart at 150.95 on 02/21/2018, so more losses to support(s) 144.45, 142.20, 139.30 and more depths is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index ( RSI ) is 35.
The parity rate does not return to post-election levels, despite the high level of support.
The powerful yen is vulnerable.
The weak pound will not be in the interest of the British economy, according to Carney
ForecastCity
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@ehsan0913, We believe in technical analysis, rather than fundamental.
nasr_
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is it still valid entry to short GBPJPY or it it going up in the next days ?
ForecastCity
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@nasr_, The price is in the introduced sell zone, so downtrend is more pressure, because the zone would resist, also it is mentioned in midterm forecast that below 152.80, we forecast a downtrend wave, therefore, we are still short on this security.
ehsan0913
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The secondary trend line still maintains its position.
ehsan0913
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The pair is not predictable due to market conditions.
Jack_Brown
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Thanks for the details, it is wonderful, is there any effect to 147.00 as a hurdle on the down side, point has been proven strong for the last two days, please advise.
ForecastCity
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@Jack_Brown, We consider zones more important than points, the price is below the major uptrend line, we think more about the trend line extension, the point 147.00 isn't as that strong.
The powerful yen is vulnerable.
The weak pound will not be in the interest of the British economy, according to Carney