TechnoMeter

• "With Japan having recently moved into ‘negative rates’ territory combined with the growing sentiment around an increased possibility of a Brexit, and with a Bank of England meeting on the docket for this Thursday, the potential for heightened volatility remains. And in GBP/JPY, that means any trader taking a position should take notice."
• "In the near-term, the top-side momentum is notable. We’ve basically seen 500 pips of run since Thursday’s close. That’s not something you want to directly fade unless you have a really strong resistance level to trade it off of, which I don’t. Not yet anyways. There’s a major psychological level at 175, a 50% Fibonacci retracement of the most recent major move at 176.37, and a 61.8% Fibonacci retracement of the secondary move in the pair at 178.03 (taking the 2008 high to the 2011 low). But there hasn’t been much signs of slowdown in this move higher yet, and there are no indications of resistance setting in."
• Daily price is located below 100 ay SMA and below 200 day SMA for the primaery bearish market conition. The price is on bear market rally to be bounced from 163.96 support level to be going to 175.01 resistance as the local short term target.

• If the price will break 180.04 resistance level so the reversal of the price movement from the primary bearish to the primary bullish trend will be started with the secondary ranging.
• If price will break 163.96 support so the bearish trend will be continuing.
• If not so the price will be ranging within the levels.

Resistance	Support
175.01	163.96
180.04	N/A

• Recommendation to go short: watch the price to break 163.96 support level for possible sell trade
• Recommendation to go long: watch the price to break 180.04 resistance level for possible buy trade
• Trading Summary: ranging

SUMMARY : secondary rally within the primary bearish condition

TREND : possible bullish reversal


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