GBPJPY Weekly Technical Analysis (20-24 April, 2015) | April 18, 2015

Gbpjpy had pulled back from its important support area. 175.70 level was very strong support level. This pair formed pin bar on that level and then it started bullish rally. Last week, we saw it faced resistance after some bullish rally. On 178.70 level, this pair has rejected and fall on friday. On h4 time frame, we can see big bearish candle from 178.70 level. So it is indicating sellers has back on this pair to take control. 178.70-179.10 level is good for sell area. So we can look for sell from that level.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 180.96

Resistance One (R1): 179.37

Pivot Point: 177.11

Support One (S1): 175.52

Support Two (S2): 173.26