GBPJPY Technical Analysis (2-6 February,2015) | January 31, 2015

GBPJPY has formed bullish bat pattern in H1 time frame. It gives buy signal on this pair. Before ending of last week, it started bullish rally from 88.0% level. Until this pair hold this support level, we can stay on upside. If break support, then we can take sell entry.


In Technical Indicators view

In daily chart, MACD indicator is below 0.0 level which indicates down trend.

In daily chart, RSI indicator value is 39 which also indicates downtrend.

50, 100, 200 Moving averages are also giving sell signal in this pair.

In summary, all the indicators is giving sell signal but we can see bullish bat pattern which indicates reversal signal. So our recommendation in this pair is to stay on bullish mode above this support area.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 180.65

Resistance One (R1): 178.93

Pivot Point: 177.33

Support One (S1): 175.61

Support Two (S2): 174.01