GBPJPY - Technical Analysis and Trading Strategy
January 1, 2011 9:25 AM EST
The pair achieved a very important closing below 100% Fibonacci of XA leg, which is another negative indication that confirmed resuming the CD leg of our efficient crab harmonic pattern as seen on the provided daily chart. Although Stochastic is moving inside oversold areas but it overlapped bearishly, whilst ARRON is still negative. Thereby, we still see chances for achieving additional bearishness towards the PRZ of the pattern at 124.35. The broken support areas-current resistance- at 126.40 might be retested.
The trading range for today is among key support at 121.95 and key resistance at 128.25.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- 5 Food Scandals That Shocked The World