Forex Technical Analysis of GBPJPY for February 01, 2016 | Forex Signals Market
Sunday, January 31, 2016

Forex Technical Analysis of GBPJPY for February 01, 2016

Support                              -   S1 : 170.333 | S2 : 168.163 | S3 : 166.247
Resistance                          -   R1 : 174.419 | R2 : 176.335 | R3 : 178.505
Main Trend                       -   Bearish
Intraday Trend                 -   Bullish

Applying all the rules of forex technical analysis for the exchange rate GBPJPY on the 4H chart we observe that the price close between EMA(50) and EMA(200). The price moves within the upper channel of Andrew's Pitchfork and at the same moment has formed an upward channel (black lines).

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 171.188  – 172.105   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 173.500, 174.150, 174.700, 175.150, 176.000, 176.500, 177.200, 177.800.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 170.300, 169.700, 169.250, 168.650, 168.000, 167.650, 167.200.

1H Chart


The area 172.200 – 172.550  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 173.000, 173.400, 173.800, 174.200, 174.750, 175.700.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 171.800, 171.350, 170.750, 170.500, 170.200, 169.700, 169.400.

There is a Bearish Harmonic Pattern on 4H chart: Black Swan.

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.

You can subscribe to one of the four subscription packages and take advantage of all benefits of the forex signals using one of the most sophisticated Forex Signal Copier, also from monitoring the live trading room, and of course from the full support in real time.

No comments: