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.
Join the Conversation
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- Target’s ‘Surprise Doorbusters’ Black Friday 2014 Deals On TV Sets, Entertainment Centres, DVD Players And More
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- Black Friday And Cyber Monday Sale 2014: AT&T's Cricket Wireless Offers Discounts On Lumia 1320, Galaxy S5, S4 And HTC Desire 510
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates