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GBP/JPY Intra-Day Technical Analysis - bullish reversal or the primary bearish with possible breakdown

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by , 05-03-2016 at 03:23 PM (1801 Views)
      
   
H4 price is located near SMA with period 100 (100-SMA) and SMA with the period 200 (200-SMA) waiting for the direction for the possible breakout or breakdown.

  • If the price will break 158.55 resistance level so we may see the bullish trend to be started on this timeframe.
  • If price will break 153.37 support so the ranging bearish trend will be turned to the primary bearish with possible breakdown.
  • If not so the price will be ranging within the levels.

Resistance Support
153.37 158.55
162.80 151.63

Name:  gbpjpy-h4-alpari-limited.png
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  • Recommendation to go short: watch the price to break 153.37 support level for possible sell trade
  • Recommendation to go long: watch the price to break 158.55 resistance level for possible buy trade
  • Trading Summary: ranging

SUMMARY : ranging

TREND : waiting for direction

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