Forex Technical Analysis of GBPJPY for October 05, 2015 | Forex Signals Market
Sunday, October 04, 2015

Forex Technical Analysis of GBPJPY for October 05, 2015

Support                            -   S1 : 180.926 | S2 : 179.822 | S3 : 178.997
Resistance                        -   R1 : 182.855 | R2 : 183.680 | R3 : 184.784
Main Trend                     -   Bearish
Intraday Trend               -   Bullish

Financial Announcements: USD - ISM Non-Manufacturing PMI

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

The EMA (50) and EMA (200) have α downward cross between them and at the same time price is below the EMA (50) which acts as a strong resistance

In general, the price displays a characteristic weakness.

4H Chart


The area 181.354  – 181.870   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 183.000, 183.500, 183.800, 184.400, 184.700, 185.500.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 180.640, 180.120, 179.120, 178.220.

1H Chart


The area 181.745 – 182.040  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 182.576, 183.100, 183.400, 183.760, 184.000.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 181.360, 181.100, 180.835, 180.620.

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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