Technical outlook and chart setups:
1. The GBP/JPY pair rose through the 174.20 levels yesterday. Please note that the pair is trading close to potential fibonacci 0.618 resistance, around the same levels (174.20/30) as depicted here. A bearish reaction can be expected here.
2. Support is seen at 173.00 followed by 172.50 and lower, while resistance is seen at 174.50, followed by 175.30 and higher respectively.
3. The structure indicates that GBP/JPY could fall below 170.00 levels, provided prices stay below 174.50.
Trading recommendations:
Initiate short positions now, stop at 174.80, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/JPY for July 31, 2014 . Thanks for your support on Technical analysis of GBP/JPY for July 31, 2014
No comments:
Post a Comment