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Monday, 11 November 2013

GBP/JPY H4


General Overview for 11/11/2013 

Still no decisive breakout in either direction but the first clue for more downside to come is golden trend line resistance level: no broken yet.
The correction, regardless on degree, is becoming more and more complex now, however the triangle count is not out of the way just yet. Nevertheless, the preffered scenariop now is some king of decline, preferably in impulsive shape to hit one of the indicated levels: 156.71 for Regular Flat OR 155.65 for Irregular Flat.

Support/Resistance:

154.73 - WS3
154.66 - 155.00 - LOWER DEMAND ZONE
155.65 - WS2 | Irregular Flat Target |
156.58 - 61%Fibo Support
156.71 - Regular Flat Target
156.71 - 156.96 - DEMAND ZONE
157.28 - Intraday Support
157.33 - WS1
158.28 - Weekly Pivot
158.75 - Intraday Resistance
159.24 - Techncial Resistance
159.50 - 159.98 - SUPPLY ZONE | WR1 |

Trading Recommendations:
As long as golden trend line holds - short side of the market should be in play. Targets on chart.

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