For Traders

Analytical Reviews

Technical analysis

26.11.201417:16 Forex Analysis & Reviews: Daily analysis of GBP/JPY for November 26, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview

From the shown 4H chart, the pair failed to break the Support level of 184.40 more than once and is still trading above it since yesterday. From the today's 4H chart the pair bounced from the Support area again and took a slightly upward move approaching the Resistance level of 186.00. Currently, it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level 186.60 then 187.00 as the second target. But closing below the Resistance level of 186.00 cancels the bullish move scenario.

Resistance and support levels: R3 (187.00) R2 (186.60) R1 (186.00), S1 (184.40), S2 (183.30), S3 (181.00).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.