22.11.201112:03 Forex-elemzések és áttekintések: GBP/JPY Elliott wave count and Fibonacci levels for November 22, 2011

In March, the failure of the bulls to fixate above 1.3870 allowed enough bearish pressure to be applied on the pair towards the recent demand zone around 1.3700.

At retesting of 1.3700, significant bullish pressure was applied which paused the recent slide off 1.3965 which led to another ascending impulse towards 1.3880.

Friday's daily candlestick came as a bearish "Doji" indicating lack of enough bullish momentum above 1.6880. This was followed by bearish engulfing daily candlesticks aiming to apply bearish pressure on price level of 1.3800 which is offering support so far (bullish hammer candlestick).

At the same time, several bullish attempts took place to step above 1.6880. However, immediate bearish reaction is applied resulting in successive reversal daily candlesticks pushing again towards 1.6800.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency until the depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3855.

As suggested on Friday, price levels around 1.3880 provided a valid SELL entry. Profits should have been taken near 1.3820-1.3800.

For the bulls, price zone of 1.3810-1.3785 remains the nearest DEMAND zone to be watched for a valid BUY position. Stop Loss should be located below 1.3740.

On the other hand, 1.3880 remains the nearest supply level for the bears. It should be watched for early exit of the current bullish position in case bearish breakdown of 1.6800 takes place.