GBPJPY Price Action Analysis - correction to possible bearish reversal

GBPJPY Price Action Analysis - correction to possible bearish reversal

7 October 2015, 09:11
Sergey Golubev
0
947

W1 price is above 200 period SMA (200 SMA) and 100 period SMA (100 SMA) for the primary bullish market condition with secondary correction which was started in the middle of August this year:

  • The price is trying to cross Fibo support level at 180.37 from above to below for the correction to be continuing.
  • Symmetric triangle pattern was crossed by the pair to below for good possible breakdown.
  • The key 'reversal' level for this pair is 174.87, and if the price breaks this level so we may see the reversal of the price movement to the primary bearish market condition.

If the price will break Fibo support level at 180.37 on close weekly bar so the secondary correction within the primary bearish will be continuing.
If the price will break support level at 174.87 so the bearish reversal may be started.
If not so the price will be ranging within the levels.

Trend:

W1 - correction
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