Technical analysis and trading recommendations on GBP/USD for February 05, 2015 Market Analysis Review

The cable closed with marginal gains at yesterday's session. The UK services PMI surged in January. The UK service sector started 2015 with a strong note. The index rose to 57.2 in January from a 17-month low in December which stands at 55.8. But on the other hand, the US dollar gained ground affected by the strong US economic data. Private sector employment increased by 213,000 jobs from December to January. The cable managed to breach above the descending trend line on the daily chart on an intraday basis, but was unable to close above it. Today, again the pair is facing resistance on the same descending trend line. The cable has a parallel resistance at 1.5270. Bulls can challenge, if the prices break above the trend line and close above it. We recommend fresh buying above 1.5270 with the targets at 1.5320 and 1.5400. On the down side, the pair has support at 1.5125, 20Dsma. The hourly support levels are set at 1.5165, 1.5150, and 1.5100. Risky trades can sell below 1.5165 with the targets at 1.5140, 1.5125, and 1.5100. The panic will be triggered below 1.5100. Today, the focus has shifted to the Bank of England monetary policy statement. We expect the BoE to hold its benchmark interest rate at 0.50%. On the US front, the unemployment data is the key driving factor of this pair. Ahead of BOE monetary policy statement, the cable is trading in a negative bias.

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Forecast of EUR/USD for February 05, 2015 Market Analysis Review

The ECB added pressure on the Greek government at yesterday's meeting. The ECB decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic. It is withdrawing a key borrowing option for the countries' banks. At yesterday's session, the pair lost approx 140 pips. On the other hand, the US dollar gained ground by the strong US economic data. Private sector employment increased by 213,000 jobs from December to January. Today, the pair opened on a bearish note, but is trading above 1.1300. The prices are closed and trading below the hourly moving averages. On the h4-chart, the pair is trading next to the trend line. The pair has resistance at 1.1355, 1.1372, and 1.1400. We recommend fresh selling below 1.1280 with the targets at 1.1260, 1.1225, 1.1200, and 1.1185. We recommend fresh buying only above 1.1400. Today, the focus has shifted to the unemployment data in the US. The pair still favours every rise to sell. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560 levels. As of now, the monthly resistance exists at 1.2000 or 50Dsma. The short-term trend will chance only if the price closes above it, until then use every rise to sell.

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Technical Analysis of Gold for February 05, 2015 Market Analysis Review

The metal took support from $1,255.00 and managed to close above 20Dsma. Today, at the early Asian session, the metal is trading in an upwards bias. The prices have been making lower highs formation. It has been moving in a symmetric triangle. The height of the triangle is $55.00. The 61.8 fib level $1,286 is acting as a key level to watch. Bulls can challenge $1,297.00, $1,303.00, and $1,307.00 if the prices close above 1286. On the down side, $1,249.50 is acting as a strong support level. We recommend strong selling only below it with the targets at $1,239.00 and $1,220.00. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to today's US unemployment data. After the US non-farm payroll had turned out to be below expectations, the metal climbed from lower levels.

Resistance: $1,286.00, $1,297.50, $1,303.00.

Support: $1,255.00, $1,249.50, $1,239.00.

Buying above $1286.00.

Selling below $1,266.00.

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Technical analysis of EUR/USD for February 05, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as French 10-y Bond Auction, Retail PMI, German Factory Orders m/m. Besides, the US will release several economic reports such as the Natural Gas Storage, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Trade Balance, and Challenger Job Cuts y/y. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1382.

Strong Resistance:1.1375.

Original Resistance: 1.1364.

Inner Sell Area: 1.1353.

Target Inner Area: 1.1326.

Inner Buy Area: 1.1299.

Original Support: 1.1288.

Strong Support: 1.1277.

Breakout SELL Level: 1.1270.





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Technical analysis of USD/JPY for February 05, 2015 Market Analysis Review

In Asia, Japan will release the 30-y Bond Auction. Besides, the US will release several economic reports such as Natural Gas Storage, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Trade Balance, and Challenger Job Cuts y/y. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY TECHNICAL LEVELS:

Resistance. 3: 117.96.

Resistance. 2: 117.73.

Resistance. 1: 117.50.

Support. 1: 117.22.

Support. 2: 116.99.

Support. 3: 116.76.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of USDX for February 05, 2015 Market Analysis Review

The USDX performed a false breakout at the support level of 94.18. Currently, the instrument is trying to reach the resistance level of 95.45. That target is quite reachable, as the USDX formed a bearish divergence on oscillators like the RSI on the daily chart, the price action also proves it. Currently, the 200 SMA is still bullish.

On the H1 chart, we can see that the USDX recovered from low levels next to the 93.00 psycological zone. Now, the instrument is making a strong bullish momentum above the 200 SMA and the support level of 94.38. Two pivot points on the dowside were formed in order to favor the bullish price action of the USDX from an intraday outlook.

Daily chart's resistance levels: 95.45 / 96.87

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.69 / 94.90

H1 chart's support levels: 94.38 / 93.94

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.69, take profit is at 94.90, and stop loss is at 94.48.

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Daily analysis of GBP/USD for February 05, 2015 Market Analysis Review

Bulls continue pushing the GBP/USD pair up on the daily chart, because the pair reached the resistance level of 1.5247. The odds are very high in the way that the GBP/USD pair could perform a breakout at that level with a target placed on the upside road at 1.5491. Besides, the support zone of 1.5025 has concentrated strong bullish force last weeks.

On the H1 chart, the GBP/USD pair got in touch with the resistance level of 1.5249, which is a new monthly high level. Now, the pair retraced below the level of 1.5211 to continue forming a bullish pattern. If the GBP/USD pair makes a breakout in that zone, it would be expected to reach the resistance level of 1.5249. At the moment, bulls are getting stronger, because the 200 SMA is pointing upwards.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5211 / 1.5249

H1 chart's support levels: 1.5161 / 1.5110

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5211, take profit is at 1.5249, and stop loss is at 1.5172.

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Daily analysis of major pairs for February 5, 2015 Market Analysis Review

EUR/USD: This pair tested the resistance line at 1.1500, broke through it and later failed to close above it. The dip that occurred as a result is serious enough to be a danger to the current bullish possibility. A movement below the support line at 1.1250 would mean the end of the bullish possibility and the reversal of the recent bearish trend.

USD/CHF: The movement on this currency trading instrument looks like that of an equilibrium market; whereas a closer look reveals that the movement is a slow and steady one in favor of bulls. As it is said earlier, occasional pullbacks in the market would be transitory and the price can move upwards by over 500 this month.

GBP/USD: The Cable managed to touch the distribution territory at 1.5250 before going lower below the distribution territory at 1.5200. The near-term outlook on this market is still bullish and the accumulation territory at 1.5100 may defend the outlook. Some fundamental figures are expected today and they can have an impact on the markets.

USD/JPY: This is not a favorable market to swing and position traders – at least for the time being. This market is currently favorable to scalpers and intraday traders, just because of short-term southward and northwards swings in the market. Both bullish and bearish runs are short-lived and occur alternatively.

EUR/JPY: The best action to take here in the near-term is to follow the bear bias. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 14, denoting a ‘sell’ indication. Even if there would be a rally in the market, the price could first test the demand zone at 132.00.

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USD/CAD intraday technical levels and trading recommendations for February 4, 2015 Market Analysis Review

Overview:

The USD/CAD pair established the previous consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level. Bullish breakout above it allowed bulls to reach new highs around 1.2560.

The USD/CAD bulls has been defending the recent INTRADAY SUPPORT around 1.2300. Hence, a new bullish swing was established without further retesting of 1.1950.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, the current bearish correction was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level).

DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

Trading recommendations:

Wait for DAILY closure below 1.2300 for shorting the pair. TP levels should be set at 1.2250 and 1.2170.

Stop Loss should be set as DAILY closure again above ENTRY levels (1.2300).

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GBP/USD intraday technical levels and trading recommendations for February 4, 2015 Market Analysis Review

Overview:

The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.

The market has already pushed further below, reaching down to 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.

The H4 chart shows transition into a sideway movement with mild bearish tendency which has been maintained within the depicted channel until evident bullish pressure was applied at retesting of 1.5000 last week.

Temporary bullish breakout above the upper limit of the short-term flag pattern (price level of 1.5170) is taking place today.

Persistence above the key-support for today (price level of 1.5170) applies strong bullish pressure over the price zone of 1.5290-1.5360 (prominent Fibonacci levels) where the price action should be watched.

Trading recommendations:

Look for signs of bearish reversal around the price zone of 1.5290-1.5360 to SELL the GBP/USD pair with SL located slightly above 1.5380.

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Intraday technical levels and trading recommendations for EUR/USD for February 4, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the obvious MONTHLY closure below 1.2000.

During the past few weeks, the EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery was finally witnessed by the end of January.

On the daily chart the market looked oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT).

As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.

On the other hand, daily fixation again below 1.1260, which is a recent DEMAND level, exposes the recent lows around 1.1110 for retesting.

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Intraday technical levels and trading recommendations for GBP/USD for February 4, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

As mentioned in the previous articles, conservative traders should have been waiting for the current bullish pullback towards the recent SUPPLY zone around 1.5250-1.5280 for a low-risk SELL entry.

This SUPPLY zone also corresponds to the upper limit of the depicted daily channel where bearish pressure should be anticipated today at retesting.

On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair has been trapped within a consolidation zone ranging between 1.4960 and 1.5230.

The price level of 1.5280 corresponds to the upper limit of the depicted H4 channel as well as 50% Fibonacci level of the recent bearish swing that extended between 1.5600 and 1.4976.

The short-term price action should be watched closely around 1.5280 for a low-risk SHORT entry. Stop loss should be located above 1.5360 (61.8% Fibonacci level).

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EUR/NZD analysis for February 04, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5405 in an average volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it caused price to start with bearish movement. Be careful when buying EUR/NZD at this stage. I have placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the price of 1.5421 (held successfully) and Fibonacci retracement 61.8% at the price of 1.5180. We also got swing high like support at the price of 1.5421. Anyway, if the price breaks the level of 1.5810 in a high volume, we may see further upward movement. My advice is to watch for potential buying opportunities after retracement. To confirm further bullish movement, price needs to break the level of 1.5810.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5761

R2: 1.5838

R3: 1.5964

Support levels:

S1: 1.5509

S2: 1.5432

S3: 1.5306

Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)

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Gold analysis for February 04, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,255.32 in a volume below the average. According to the H4 time frame, we got very high effort from sellers with very weak result, which is a sign that selling around the price of 1,255.00 looks risky. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully again. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%). Resistance level is around the price of 1,307.00 (swing high like resistance). My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,279.26

R2: 1,286.50

R3: 1,298.23

Support levels :

S1: 1,255.80

S2: 1,248.56

S3: 1,236.83

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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Technical analysis of NZD/USD for February 4, 2015 Market Analysis Review

Overview :

• The NZD/USD pair will continue falling straight from the level of 0.7266 on the H4 chart. It is probably going to form a double bottom at the level of 0.7172. Therefore, the NZD/USD pair is showing signs of strenght following the break of the highest level of 0.7461. So, the market is going to move between the levels of 0.7433 and 0.7270. It will be a good sign to buy in the short term above the level of 23.6% of Fibonacci retracement levels on the H4 chart (0.7350) with the first target of 0.8680 in order to retest the daily pivot point and further 0.7400 and continue towards the level of 0.7461 (the price of 0.7461 will act as strong resistance, so it is going to be a good place to take profit). Also, it should be noted that this level of taking profit will coincide at 38.2% of Fibonacci. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.7350, the market will further decline to 0.7262, in order to indicate the bearish market today.

Intraday technical levels :

Date: 4/02/2015

Pair: NZD/USD

• R3: 0.7792


• R2: 0.7633


• R1: 0.7495


• PP: 0.7336


• S1: 0.7198


• S2: 0.7039


• S3: 0.6901

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Technical analysis of GBP/USD for February 4, 2015 Market Analysis Review

Overview :

• The market of the GBP/USD pair was not stabilized because the trend has been moving between 1.5053 and 1.5224 for a while. Be careful in the area of 1.5091 - 1.5246. So, the first step is waiting at this spot before investing. As a result, the GBP/USD pair might start showing signs of bullish market at the level of 1.5091 which represents the weekly pivot point. In other words, it will be a good sign to buy above the price of 1.5091 with the first target of 1.5200 in order to test the weekly resistance 1. It will call for the uptrend to continue its bullish movement towards 1.5284 to form the double top on the H1 chart. However, the pair could not break the second resistance 1.5326. Consequently, the market will indicate a bearish opportunity at the spot of 1.5326. Thus, the level of 1.5326 will act as strong resistance today. So, it is providing a clear signal for sell deals with the target seen at 1.5066. On the other hand, the stop loss should be placed above 1.5338.

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Technical analysis of USD/CAD for Febuary 4, 2015 Market Analysis Review

General overview for 04/02/2015 10:49 CET

The orange rectangle zone acted very well as the reversal/target zone for bulls. After hitting this zone the pair is in corrective decline that has almost 450 pips so far. This corrective cycle has been labeled as wave W brown and as the first leg of a possible more complex corrective cycle. The key level for the scenario is the intraday resistance at the level of 1.2552 and any breakout above this level means that the bottom for the wave W brown has been established. Please notice that the market has fallen out of the golden bullish channel too, but it has not entered the bearish zone yet.

Support/Resistance:

1.2897 - WR1

1.2799 - Swing High

1.2648 - Intraday Resistance

1.2636 - Weekly Pivot

1.2552 - Intraday Resistance|Key Level|

1.2474 - WS1

1.2351 - Intraday Support

Trading recommendations:

The sell orders from yesterday hit the TP level, and currently traders should refrain from trading and wait for clearer structure to emerge.

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Technical analysis of EUR/JPY for Febuary 4, 2015 Market Analysis Review

General overview for 04/02/2015 10:49 CET

The last impulsive wave up is in progress and the projected target is still at the level of 137.64. This target can be meet only if the intraday resistance at the level of 135.34 is violated in impulsive fashion. On the other hand, any downside extension below the level of 133.57 would mean that the top for the wave (c) blue is in place. Breakout below weekly pivot at the level of 132.37 supports the view.

Support/Resistance:

137.64 - Target Level

136.58 - WR2

135.34 - Intraday Resistance

134.59 - WR1

134.34 - Intraday Support

133.57 - Intraday Support

132.37 - Weekly Pivot

Trading recommendations:

The buy orders recommended yesterday were in profit for some time but the overall extension to the upside has not been as big as expected and the SL levels were hit eventually. Currently two levels are in play (135.34 to the upside and 133.57 to the downside). Traders should keep an eye on the price behavior at this levels and trade accordingly.

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#USDX technical analysis for February 4, 2015 Market Analysis Review

The Dollar index gave a sell signal yesterday for the short term as the triangle pattern was broken downwards and the index fell towards 93.20. The short-term trend is bearish but the longer-term trend remains bullish. Important support level at 92. Holding above it will be a buy opportunity for next leg up towards 100.

Green line = resistance

The Dollar index is making lower highs and lower lows in the short term and has broken below the Ichimoku cloud. As long as the index is below the green trend line, then trend will remain bearish in the short-term. Resistance is at 94.50. If it is broken, we will have increased chances of starting a new upward move.

Blue lines = price channel

The Dollar index remains in an upward sloping price channel confirming that trend is bullish. There are signs of a short-term top at least as this pullback could push the index towards the lower channel boundaries at 92. Ichimoku cloud support is at 90 if the price breaks below the channel. The long-term trend is bullish with 100 as target.

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Gold technical analysis for February 4, 2015 Market Analysis Review

Gold price got rejected by the short-term resistance at $1,285 and is testing important support level at $1,250. Breaking below this level will probably push the index towards $1,200. Bulls need to break above $1,285 to resume uptrend with $1,330 as target.

Black line = resistance

Green line = support

Gold price is now below the Ichimoku cloud. This is a bearish sign. The price is below the black trend line but above the support at $1,250. A break below the support will be a sell signal with the first target of $1,220. A break above the resistance will be a buy signal with $1,330 as target.

Red lines = horizontal support levels

Gold price is testing the 38% retracement once again. Initially, this support level produced a bounce towards $1,290, but the resistance was not broken. The prices are pulling back right now to retest the support at $1,250. Breaking below the support of the 38% Fibonacci retracement will push the price towards $1,220 where the 61.8% retracement is found.

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Technical analysis of USD/JPY for February 04, 2015 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is supported by the reduced safe haven appeal of the yen and the yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 10.81% to 17.33; S&P 500 closed 1.44% higher at 2,050.03 overnight). It is caused by fall in oil prices for the 3rd straight day, by worries over Greece's future in the eurozone and by the fact that the RBA joined other central banks in providing further stimulus. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.796% versus 1.673% late Monday), the demand from Japan's importers and the ultra-loose Bank of Japan monetary policy. But the USD/JPY gains are tempered by the Japanese exports, the weaker dollar sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on 3.4% drop in the U.S. December factory orders (versus forecast -2.5%).

Technical comment:
The daily chart is mixed, the MACD is bearish, but stochastics is neutral; five and 15-day moving averages are meandering sideways, intraday-range pattern was completed on Tuesday.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 118.20 and the second target at 118.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117. A break of this target would push the pair further downwards, and one may expect the second target at 116.55. The pivot point is at 117.40.

Resistance levels:

118.20

118.45

118.75

Support levels:

117

116.55

116.80

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Technical analysis of USD/CHF for February 04, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker USD sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on a 3.4% drop in the U.S. December factory orders (versus forecast -2.5%). But the USD/CHF losses are tempered by the negative Swiss interest rates and by the threat of the Swiss National Bank's CHF-selling intervention.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish move; five-day moving average is above 15-day moving average and is advancing.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9160. A break of this target will move the pair further downward to 0.9075. The pivot point stands at 0.9290. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.9365 and the second target at 0.9435.

Resistance levels:
0.9365

0.9435

0.9465

Support levels:

0.9160

0.9075

0.8985

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Technical analysis of NZD/USD for February 04, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bullish bias after hitting a four-year low at 0.7174 on Tuesday. NZD sentiment is boosted by the 9.4% rise in Fonterra's GDT Price Index at the latest Global Dairy Trade auction. NZD/USD is also underpinned by the weaker USD sentiment, Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, and Kiwi demand on soft AUD/NZD cross.

Technical comment:

Daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but bullish outside-day-range pattern was completed on Tuesday, stochastics turned bullish at the oversold levels.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.75 and the second target at 0.7590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7160. A break of this target would push the pair further downwards, and one may expect the second target at 0.71. The pivot point is at 0.7280.

Resistance levels:

0.75

0.7590

0.7635



Support levels:

0.7160

0.71

0.7040

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Technical analysis of GBP/JPY for Feburary 04, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the improved euro sentiment as worries over Greece are waning, the positive risk sentiment, and demand from Japan's importers. But EUR/JPY gains are tempered by Japan's export sales. GBP/JPY gains are tempered by the sterling sales on buoyant EUR/GBP cross as well as caution ahead of Bank of England interest rate decision on Thursday.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are in bullish mode, bullish parabolic stop-and-reverse signal hit on Tuesday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.178.95 and the second target at 179.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.20. A break of this target would push the pair further downwards, and one may expect the second target at 176.70. The pivot point is at 177.50.

Resistance levels:

178.95

179.40

1780

Support levels:

177.20

176.70

176

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Forecast of USD/JPY for Febraury 04 , 2015 Market Analysis Review

The US dollar slips against most major currencies. The Greek hopes weigh against the US dollar. The US economic data are disappointing as well. The US factory orders fell sharply. Now, the focus has shifted to today's ADP non-farm payroll. The pair has been consolidating still in the tight range as we discussed in our earlier reports. The pair has the nearest resistance at 118.00 and 118.15. The prices are trading within a triangle on the h4 chart. In case if the prices manage to give an upside breakout, the pair can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 or 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top in the near and medium term. The rate hike favors the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015. The pair closed and is trading below 50Dsma or 118.70. In case the pair closes above 118.85, it can face a challenge at 119.90 and 120.50. In intraday, the weakness will hit the pair if the prices break below 116.90.

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