GBPJPY Next Week Target Point (December 15) - Scatroke Futa's target point - Navi+ - GogoJungle | Auto Trading - Market Analysis

■GBP/JPY, Weekly Target Points

This week the price rose with the 90-day moving average supporting, and it also surpassed the 200-day moving average and +2σaround 148 yenand rose toaround 145.80 yenbut was pulled back and closed there.

There is a noticeable upper wick on the weekly and daily charts, so there may be selling pressure at the start of next week, but first we want to see at the start of the week whether it moves up or down relative to last week's bar.

At the start of the weekaround 145.80 yenrises andinto the 146 yen rangeon the upside, which would be bullish. Since the week likely starts below the +2σ line, any rise may still be contained around themid-146 yen rangeabove which the upside may face restriction?!

At the start of the weekaround 145.80 yenfalls and if the bounce is weak, the tendency could become bearish, so we should watch for a drop to thearound 143.70 yenarea.

Friday’s sharp rise means the week has potential ranges, so on a weekly basis for the downside the 200-day line sits neararound 143.70 yenand on the upside near the +2σ levelaround the mid-146 yenarea. Ifthe price moves into the 147 yen rangeit could lift toward the recent higharound 148.85 yenpotentially up to there?!

■GBP/JPY, Daily Target Points
Friday saw a rise of more than 4 yen from morning! Around 148 yen the upside weakened and a long upper wick confirmed a bullish candlestick.

At the start of the week, Monday will depend on the gap opening, but on Monday we want to see whether it moves up from around 145.80 yen (rates may vary slightly by FX provider) or down, before committing to a direction.

As noted on the weekly chart, the weekly range is wide, so on a daily basis, looking at the levels…

Around 145.80 yenIf it rises firmly from there,to around 146.00, 146.10, 146.50 yenthese should be key levels, and if resistance is strong near these, we watch for a possible drop and see if it is supported around 146 yen. If it breaks below 146 yen, monitor for declines toaround 145.80, around 145.50 yen.

Ifaround 145.80 yenfails to hold and it falls, watch for declines toaround 145.60 to 145.50around 145.23, around 145.00 yen, and if it breaks the 10 EMA, be cautious of further downside to around

If it falls to this vicinity, depending on the situation it may be wise to judge using the 4-hour and60-minute charts as the basefor decisions.

■Next Week’s Outlook
Next week the price rose sharply on Friday, and since the daily chart shows a fairly long upper wick, we want to decide whether it moves up or down at the start of Monday.

I think the move is influenced by the UK general election where the Conservative Party is projected to gain a majority and the ensuing expectations drive the price higher, so the general stance is bullish, though there is a possibility of selling after events pass.

Since there has been a big move, following the market like a remora and steadily taking what the trend offers should yield reasonable opportunities. However, for currencies with high volatility like GBP/JPY, trend-following is preferable, and contrarian trading should be avoided as much as possible!

※GBP/JPY is sensitive to fundamentals, so when the movement is strong, avoid going against the flow!!

Alright everyone, let’s stay cautious and do our best next week as well!
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