empty
 
 
12.07.2011 12:46 PM
GBP/JPY candlestick analysis for July 12, 2011

In a 4-hour graph the GBP/JPY currency pair has declined sharply after successful test of the support level 129.00. The viewpoint at the pair is still bearish as the downtrend remains.
Earlier in a 4-hour graph the GBP/JPY formed a Shooting Star candlestick, indicating downside movement which was later confirmed.
This candlestick combination was formed after the pair failed to break the resistance level at 135.17, which means that the bulls were not able to solidify here and the bears began to increase their influence.
Break of the Fibonacci correction level 23.6 and the upside channel proves this point of view. Successful testing of the support level 129.00 targeted the GBP/JPY to 127.50. Its break will allow the pair to reach the support at 125.70.
However, it should be mentioned that if the pair fixates above the resistance level 130.82, short positions should be closed as it would lead to growth to 132.30.

This image is no longer relevant

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback