Forex Technical Analysis of GBPJPY for November 02, 2015 | Forex Signals Market
Sunday, November 01, 2015

Forex Technical Analysis of GBPJPY for November 02, 2015

Support                              -   S1 : 184.662 | S2 : 183.303 | S3 : 182.276
Resistance                          -   R1 : 187.048 | R2 : 188.075 | R3 : 189.434
Main Trend                       -   Bullish
Intraday Trend                 -   Bullish

The upward reaction of price from a low of 180.692 has led it up the level of 186.700 which is 74,6 retracement. The upward momentum looks strong, having created the conditions for the upside cross between the EMA (50) and EMA (200).
In the 4H chart of forex technical analysis, you may notice that price moves into the lower channel of the Andrews Pitchfork and very close to the median line.

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 184.850 – 185.400   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 186.720, 186.950, 187.300, 187.800.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 184.187, 183.850, 183.300, 182.750.

1H Chart


The area 185.800 – 186.000  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 186.450, 186.700, 187.000, 187.300, 187.700.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 185.500, 185.150, 185.000, 184.700, 184.450.

On 1H chart of forex technical analysis, there is a Bearish Harmonic Pattern: Butterfly.

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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