20.11.201708:41 Forex Analysis & Reviews: Trading forecast GBPJPY 11/20/2017

Last week, the pair traded in the flat range which was formed in October. The priority of the movement remains downward and the target is the monthly CP of November where sales fixation will be required.

Medium-term plan.

At the end of last week, the pair achieved significant support in the form of a weekly short-term order 148.1-147.73. The movement in this area will indicate another priority. One of the American sessions closed below the level of 147.73. This will open the way for further reduction with the target of NCC 1/2 145.83-145.64, located within the limits of the monthly KZ November 145.75-145.07. Reaching these zones will allow us to fix the majority of the sales and consider purchases in the formation of the reversal model.

To form an alternative model, large demand is required at current levels and holding the downfall of last week.

Intraday plan.

The pair traded within the weekly short-term which requires considering the opportunity for instrument growth. The immediate resistance is at NKZ 1/4 148.65-148.56, the test of which will allow searching for sales after the formation of the pattern. The determining resistance is the NKZ 1/2 149.70-149.51. Within this zone, you can set a limit order for sale in order to renew the November lows. Breaking the downward momentum will occur if the pair can gain a foothold above the level of 149.70 in one of the American sessions.

Daytime CP is the daytime control zone. The zone is formed by important data from the futures market, which change several times a year.

Weekly CP is the weekly control zone. The zone is formed by important futures market marks, which change several times a year.

Monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.

* The presented market analysis is informative and does not constitute a guide to the transaction.