Forex Technical Analysis, GBP/JPY Daily Forecast June 1, 2016,
Technical Analysis – The GBP/JPY pair initially tried to rally towards the 164 level, which was an area where I suspected that the market would be breaking out of and perhaps going higher. However, we turned right back around in order to form a very bearish candle. This is of course because the latest polls suggest that perhaps the United Kingdom is very seriously think about leaving the European Union. That’s going to be the case until we get some type of clarity or the actual vote, and as a result expect quite a bit of volatility and with the British pound in general. For myself, I’m stepping away.
In Other View Point –GBP.JPY – Bullish Cypher Setup – 159.253
On the GBP.JPY 1h chart we have a potential long opportunity’s at the D leg completion of bullish Cypher setup. The price reversal zone on this pair is between 159.253 & 158.082 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity’s. Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 163.248 Stop loss would be placed below X leg structure support.
Courtesy : www.fxempire.com/technical/technical-analysis-reports/gbpjpy-forecast-june-1-2016-technical-analysis-341340