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GBPJPY Technical Analysis (19-23 January,2015) | January 18, 2015

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GBPJPY has rejected from 61.8% fibo retracement level. It has bounced back after big fall. For this rejection it loss its bearish momentum. Above this fibo 61.8% level, this pair can start bullish rally. For buy entry, target will be 181 area.

In weekly chart, we can see the bearish momentum of this pair. It did not respect long legged doji pattern. It fell sharply and faced support on fibo level. We can see horizontal support at 175.30-175.50 area. It can be good buy zone.

In daily chart, we can see bullish reversal candle is formed on fibo 61.8% level. So if it holds this bullish momentum, then it can go 181 area again. Our recommendation is to buy from retracement if it holds fibo 61.8% level.

Weekly Pivot, Support and Resistance

Resistance Two (R2): 182.83

Resistance One (R1): 180.37

Pivot Point: 178.06

Support One (S1): 175.60

Support Two (S2): 173.29

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