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Monday, 25 November 2013

GBP/JPY H4

General Overview for 25/11/2013:
Five waves to the upside in green impulsive wave progression of (i) - (v) degree looks to be donw and 165.28 is so far the top for wave 3. Currently price is in corrective cycle of wave 4 that might have various patterns but the most obvious one is a Triangle. The support will be provided by 163.51 Intraday Support level and 163.39 Weekly Pivot support. If this level is broken to the downside next support is 162.34 and it is very probable that price will test the Weekly Pivot from the downside and if it would have failed then glolden trend line of lower main channel range might be tested. From this level some bounce is expected and a possible upward impulsive wave progression.

Support/Resistance:
166.42 - WR1
165.25 - Swing High
163.39 - Weekly Pivot
162.34 - WS1
161.74 - Techncial Support | Channel Line Support |

Trading Recommendations:
As long as Key Level holds long positions should be in play with potential new high in anticipated wave five to be done.


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