Forex Technical Analysis of GBPJPY for January 18, 2016 | Forex Signals Market
Sunday, January 17, 2016

Forex Technical Analysis of GBPJPY for January 18, 2016

Support                              -   S1 : 165.193 | S2 : 163.549 | S3 : 160.869
Resistance                          -   R1 : 169.517 | R2 : 172.197 | R3 : 173.841
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

Applying all the rules of forex technical analysis for the exchange rate GBPJPY, we can observe the downward movement all these days and especially on Friday. EMA(50) and EMA(200) have a downward cross between them. The price is moving within the lower channel of Andrew's Pitchfork.
RSI indicator is at the oversold area when at the same moment there is a Bullish Harmonic Pattern.

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis

4H Chart


The area 168.560  – 169.350   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 170.200, 170.800, 171.400, 172.000, 172.800, 173.400, 174.000.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 166.000, 165.200, 164.500, 164.000, 163.000, 162.500, 162.000.

1H Chart


The area 167.090 – 167.395  is a neutral zone.

Forex Technical Analysis
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 167.900, 168.350, 168.800, 169.000, 169.500, 169.900, 170.550.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 166.000, 165.400, 165.000, 164.300, 163.500, 163.000, 162.500.

There is a Bullish Harmonic Pattern on 4H chart: 2.618xAB=CD.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.
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