British Pound Technical OutlookI issued an alert yesterday in the Forex Alerts section, mentioning that “the GBPUSD is vulnerable to a drop below 1.5239 in an ongoing correction. Potential support is at the 61.8% Fibonacci of 1.4812-1.5728 at 1.5162…shorter term minded traders may wish to lighten up on longs at this point given the potential for a 300 pip drop from the current juncture.”
This pattern appears to be playing out as the rally from 1.5239 is corrective. A drop below there is expected prior to resumption of the larger advance. The larger trend is up as long as price is above 1.4812.
Yen Technical OutlookOne possibility is that the USDJPY decline from 124.20 is unfolding as an ending diagonal. The subdivisions of the drop from 124.30 to 95.71 certainly count better as a complex 3 and the drop from 110.69 is a 3 right now. The decline from 110.69 would be equal to the previous drop at 85.30.
Expectations are for the decline to extend below there prior to finding and significant support. A word of warning though; daily RSI is turning up from below 30 and weekly RSI is significantly depressed. These conditions warn of a sharp advance.
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