empty
 
 
07.12.2015 05:49 PM
Daily analysis of GBP/JPY for December 07, 2015

This image is no longer relevant

Overview

According to the shown H4 chart, a temporary low is formed at 183.96. Initial bias in GBP/JPY is neutral this week. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. Another fall is expected and movements below 183.96 will target a test of the 180.36/64 support zone. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring a reversal finally. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even in case of another rise, strong resistance is now likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 185.27; (P) 185.75; (R1) 186.39

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback