Support - S1 : 167.572 | S2 : 165.674 | S3 : 164.284
Resistance - R1 : 170.860 | R2 : 172.250 | R3 : 174.148
Main Trend - Bearish
Intraday Trend - Bullish
On 4H chart of forex technical analysis for the exchange rate GBPJPY, we can see that the price finds support at the lower line of Andrew's Pitchfork and proceed to an upward reaction up to 23.6% Fibonacci Retracement. The price closed above EMA(50) and remain within the lower channel of 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:
The area 167.420 – 168.150 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 170.380, 170.800, 171.300, 171.700, 172.250, 172.500, 173.000.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 166.850, 166.150, 165.600, 165.100, 164.350, 163.950, 163.300.
The area 169.250 – 169.530 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 170.300, 170.600, 170.950, 171.500, 171.850, 172.500.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 168.750, 168.350, 167.800, 167.400, 166.800.
There is a Bearish Harmonic Pattern on 4H chart: 2.0xAB=CD.
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 Signals Copier, also from monitoring the live trading room, and of course from the full support in real time.
Resistance - R1 : 170.860 | R2 : 172.250 | R3 : 174.148
Main Trend - Bearish
Intraday Trend - Bullish
On 4H chart of forex technical analysis for the exchange rate GBPJPY, we can see that the price finds support at the lower line of Andrew's Pitchfork and proceed to an upward reaction up to 23.6% Fibonacci Retracement. The price closed above EMA(50) and remain within the lower channel of 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:
4H Chart
The area 167.420 – 168.150 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 170.380, 170.800, 171.300, 171.700, 172.250, 172.500, 173.000.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 166.850, 166.150, 165.600, 165.100, 164.350, 163.950, 163.300.
1H Chart
The area 169.250 – 169.530 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 170.300, 170.600, 170.950, 171.500, 171.850, 172.500.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 168.750, 168.350, 167.800, 167.400, 166.800.
There is a Bearish Harmonic Pattern on 4H chart: 2.0xAB=CD.
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 Signals Copier, also from monitoring the live trading room, and of course from the full support in real time.
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