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Thread: Daily analysis of GBP/JPY By Instaforex

  1. #1
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    Default Daily analysis of GBP/JPY By Instaforex

    Overview
    Proceeding from the today's H4 chart, the pair is still trading between the support level of 186.70 and the resistance level of 187.70, and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 187.70 untill the H4 closure above the resistance level of 188.50 as a target level. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 189.30. On the other hand, if the pair fails to break the resistance level of 187.70 and bounces from it, it may take a downward trend, which will enable the support level of 186.70 again. Therefore, we suggest waiting for the next closure before making a decision.
    Daily analysis of GBP/JPY By Instaforex-gbpjpy_25-12-png

  2. #2
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    Default Technical analysis of GBP/JPY for January 29, 2015 By Instaforex

    Fundamental overview:
    GBP/JPY is expected to trade in a higher range. It is undermined by the negative EUR sentiment as uncertainty mounts over the plans of Greece's new government to renegotiate the country's debt with international creditors. The pair is also weakened by flows to the safe haven yen amid increased risk aversion and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

    Trading recommendations:
    The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 1179.45 and the second target at 180.15. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 177.15. A break of this target would push the pair further downwards and one may expect the second target at 176.45. The pivot point is at 177.85.
    Daily analysis of GBP/JPY By Instaforex-gbpjpym30-png

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analysis, daily analysis, eur, gbp, instaforex, japan, level, pivot, resistance, support, technical analysis, time, trading, trend

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