InstaForex - Analytics

    InstaForex

    736.75 6.25/10
    62% of positive reviews
    Real

    Daily analysis of GBP/JPY for November 12, 2015

    GBPJPYH4.png

    Show full picture

    Overview

    GBP/JPY's choppy rise from 180.64 extended higher last week, but an overall outlook is unchanged. Price actions are viewed as a consolidation pattern starting from the level 180.36. Strong resistance at 188.28 is expected to limit the upside in finishing the process of consolidation. The bias will turn downside below 183.86 to retest 180.36 first. A break of 180.36 will extend the fall from 195.86 and should then target the key support level of 174.86. In the longer term, an uptrend from 116.83 (long-term bottom) could be topped. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near to 61.8% retracement of 251.09 to 116.83 at 199.80.

    Daily Pivots: (S1) 186.20; (P) 186.62; (R1) 187.30;


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree