Forex Technical Analysis of GBPJPY for October 19, 2015 | Forex Signals Market
Sunday, October 18, 2015

Forex Technical Analysis of GBPJPY for October 19, 2015

Support                              -   S1 : 183.558 | S2 : 182.760 | S3 : 182.178
Resistance                          -   R1 : 184.938 | R2 : 185.520 | R3 : 186.318
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

On 4H chart of forex technical analysis, we observe that EMA(50) and EMA(200) remain with a downward cross. Price moves between EMA(200) and EMA(50). Also, we have to notice that price moves within the lower channel of an upward Andrew's Pitchfork.

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis

4H Chart


The area 183.738  – 184.138   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 184.850, 185.570, 186.000, 186.700.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 183.430, 183.130, 182.740, 182.280, 181.820, 181.300, 180.630.

1H Chart


The area 184.240 – 184.400  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 184.700, 185.000, 185.330, 185.900.
Forex Technical Analysis
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 183.900, 183.630, 183.370, 183.120, 182.750, 182.300.

On forex technical analysis of 4H chart for the exchange rate GBPJPY, there is a Bearish Harmonic Pattern 4-P Continuation.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

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