FX.co ★ Trading forecast for GBP/JPY pair 09/10/2017

Last week, a descending model is developed that is allowed the pair to gain a foothold below the weekly short-term limit of 149.03 - 148.65. This indicates the impulsive nature of a bearish movement.

Medium-term plan.

The pair is trading near the NKZ 1/2 at 146.75-146.56 at the beginning of this week. This allows for the consideration of the goal of fixing the sales made last week. Do not forget that the impulsive nature of the downward movement suggests that the growth of the pair should be used to obtain favorable prices for the sale of the instrument. In the case of fixing the pair below 146.56 during the American session for today, the next target will be a week-long fault at 144.85 - 144.47, which is located within a month for October at 144.62 - 143.94.

Last week, it is worth noting that the pair returned to the monthly KZ of September at 148.71 - 147.98, which is allowed to carry out the priority downward model. In the event, that a reversal pattern will be obtained at the NKZ 1/2 is considered above, the upward movement will be resumed.

Intraday plan.

The downward movement remains a priority at the beginning of this week. With the growth of the pair, it is necessary to consider the younger control zones as resistance. The first barrier will be the NKZ 1/4 at 147.9 - 147.87. The determination of resistance is the NKZ 1/2 at 149.01 - 148.82. While the pair is trading below this zone, the bearish momentum will remain a priority. The nearest goal of the decline is the NKZ 1/2 at 146.75 - 146.56 which is located in the course of the day.

The daytime CP is the daytime control zone. The zone is formed by important data from the futures market.

The weekly CP is the weekly control zone. The zone is formed by marks from important futures market which change several times a year.

The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.