empty
 
 
17.12.2015 05:32 PM
Daily analysis of GBP/JPY for December 17, 2015

This image is no longer relevant

Overview

A decline from 188.79 continued last week even though downside momentum was unconvincing. A further fall is expected this week as long as resistance of 186.33 holds. As noted before, the consolidation pattern from 180.36 has completed at 188.79 and a deeper decline should be seen back to the support zone of 180.36/64. Nonetheless, a break of minor resistance at 186.33 would now dampen our bearish view and turn focus back to 188.79. In the longer term, the uptrend from a long term-bottom at 116.83 could be topped. There is no confirmation yet but even in case of another rise, strong resistance is expected near 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 183.32; (P) 183.26; (R1) 183.96;

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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