British pound was falling down against the Japanese yen from the middle of April. The situation got worse for the GBP when Japanese retail sales were released on Thursday the 25-th. The fact for March was released at the level +1% (the forecast was +0,8%). Technically we see that there are tips demonstrating a possible correction up.
On 1D TF 200-EMA is moving sideways, that means that there is flat on the market. The support level is at 143,80. We assume that it is possible for the British pound to rise.
On 4H TF the pair is approaching the trend line, heading down. The pair broke the shorter 9-EMA up. Parabolic SAR is ready to reverse. Unfortunately, the volume is falling. That is why apparently it is better to wait for confirmation signals. It is better to wait till GBP breaks the level 144,54 (23,6% Fibo correction).
The targets are the following – the first target is 145; the second target is 145,39 (50% correction level).
Results: we recommend to think of long positions after breaking 23,6% Fibo correction level. Pay attention to the volume. It has to rise, otherwise the breakthrough could be false.
On 1D TF 200-EMA is moving sideways, that means that there is flat on the market. The support level is at 143,80. We assume that it is possible for the British pound to rise.
On 4H TF the pair is approaching the trend line, heading down. The pair broke the shorter 9-EMA up. Parabolic SAR is ready to reverse. Unfortunately, the volume is falling. That is why apparently it is better to wait for confirmation signals. It is better to wait till GBP breaks the level 144,54 (23,6% Fibo correction).
The targets are the following – the first target is 145; the second target is 145,39 (50% correction level).
Results: we recommend to think of long positions after breaking 23,6% Fibo correction level. Pay attention to the volume. It has to rise, otherwise the breakthrough could be false.