FxGrow Daily Technical Analysis – 06th Nov, 2015
By FxGrow Research & Analysis Team
GBPJPY on October's trendline
Analysis from October 28 was wery profitable. I wrote: "Today's demand is testing resistance at 184.50. If break above will be successful next resistances are on levels 186.00, 187.50. Move higher than 187.50 may be difficult and there is little chance that this will happen soon". Indeed price reached 187.68 and rebounded. Downward movement was dynamic.
Falls stopped below support on uptrend line which can be determined at the October lows. The line was tested for the third time and this time It can be broken. The first target of falls will be the level 184.50. If the downward movement will proceed its main target is the level of 180.50, and before there are: 183.90 182.50. Alternatively, if rebound occurs price once again will move towards 187.50.
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