empty
 
 
14.07.2011 12:52 PM
GBP/JPY candlestick analysis for July 14, 2011

In a 4-hour graph the GBP/JPY currency pair is bouncing off after a sharp decline. The viewpoint at the pair is still bearish as the downtrend remains.
Earlier in a 4-hour graph the GBP/JPY formed a Shooting Star candlestick, indicating downside movement which was later confirmed.
This candlestick combination was formed after the pair failed to break the resistance level at 135.17, which means that the bulls were not able to solidify here and the bears began to increase their influence.
Break of the Fibonacci correction level 23.6 and the upside channel proves this point of view. Successful testing of the support level 131.23 targeted the GBP/JPY to 129.00. Its break allowed the pair to reach the support at 125.00 with further target at 124.00.
However, it should be mentioned that if the pair fixates above the resistance level 129.00, short positions should be closed as it would lead to growth to 130.28.

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback