FXOpini | Technical | Fundamental - page 6
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GBP / JPY Corrected, Watch Bullish Divergent
The movement of GBP / JPY at 4-hourly chart looks to be in a state of correction and the current price is testing support at 155.21. The outbreak of the suport area will potential bring the price move down towards the next support at around 154.09.
Instead attention is also due to the technical indicator RSI is in bullish divergence condition in which there is a chance the price will move up towards resistance at 156.33 which is the 61.8% Fibonacci retracement area.
Support At 156.79 Become Critical Area on GBP / JPY
The movement of GBP / JPY at 4-hourly chart looks bullish rebound in a state and the current price is a strong support area which is likely to move up. If the price holds above support at 156.79 that there is a chance price will move towards resistance at 158.01 - 158.96.
Conversely, be-alert if sterling weakened against the yen and penetrate support at 156.79 that there is potential price will on correction downwards movement towards trend line ad serves support for the price movement and support at 155.81.
USD / JPY rebound Bearish, Warn Correction
The movement of USD / JPY at 4-hourly chart is in bearish conditions rebound. Beware if prices break support at 96.30 that there would open up the potential for prices to continue moving downward movement until the correction towards support at 97.51 and trend line.
Conversely, be-alert if the dollar strengthened against the yen to penetrate resistance at 98.57 opportunites price will move up to continue the rebound towards resistance at 99.04 until 99.63.
Potential Head And Shoulder In EUR / GBP
Bias intraday, the movement of EUR / GBP on the 4-hourly charts are in a bullish condition. If prices held firm above support at 0.8440 that there is opportunities prices will move upwards towards the next resistance at around 0.8446 - 0.8487.
Instead beware also because the current price of potentially forming head and shoulders price pattern where there is a possibility the price will move down. If the euro weakens against streling with penetrating neck line that opens up the possibility that prices will move down towards support at 0.8339 -0.8372.
EUR / GBP bullish, Beware Support 0.8440
The movement of EUR / GBP on the 4-hourly charts are in a bullish consolidation. If the resistance at 0.8466 penetrated by price that therew is opportunities price will continue bullish movement where resistance 0.8487 - 0.8508 will be in touch by price.
Conversely, be-alert if the euro weakened against sterling and penetrate support at 0.8440 that there is potential price will move down to continue the next phase of correction towards support at around 0.8419.