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05.02.201511:20 Forex Analysis & Reviews: Technical analysis of GBP/JPY for Feburary 05, 2015

Long-term review

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General overview for 05/02/2015 12:45 CET

The bullish zone has moved a little higher and now it incorporates the intraday resistance at the level of 1.2590 as the key level. Any breakout higher above this level might mean that the recent swing high will be tested again. Please notice that the golden trend line has been tested from the bottom and despite the small breakout, the price has been rejected from higher levels for now, and it looks like the market might make another wave Y brown to the downside to complete the overall corrective cycle.

Support/Resistance:

1.2648 - Intraday Resistance

1.2632 - Weekly Pivot

1.2590 - Intraday Resistance|Key Level|

1.2474 - WS1

1.2351 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2590 and TP at the level of 1.2474 with a possible extension to the level of 1.2351 on Friday.

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