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analysis for today 10 / 28 / 2014
GBP/JPY (Daily Trade)
I think the movement is still in a bearish trend
retracement (38.2%) 173.70
Retracement (50%) 173.80
retracement (61,8%) 173.90
Extensions (61.8%) 172.88
Extensions (100.0%) 172.57
Extensions (138.2%) 172.26
Extensions (161.8%) 172.06
calculation based on a Fibonacci retracement then today I choose sell
On the GBPJPY chart for today the price appears to move in upward trend as a blue dots appear below the bars and as the price still higher than the strong resistance of 172 which is also the weekly pivot point and it is likely for the price to keep going north unless it hit the weekly pivot resistance at 174.95 On the other hand if the price breaks the 172 support and also get a bearish signals by a red colored dots it is expected to keep going south till the 170.04 support as the next weekly pivot level.
http://bigimage.cz/photos/20010109979080884167326.gif .
Daily forecast: GBPJPY 29 Oct. 2014.
Technical analysis for Daily forecast of GBPJPY 29 October, 2014. In Daily chart GBPJPY shows bullish trend. At present GBPJPY above the pivot point and going towards the 1st resistance level. If 1st resistance level breaks then next strong resistance level is 176.565.
Pivot: 174.302
Resistance levels
R1 174.909
R2 175.351
R3 175.958
R4 176.565
Support levels
S1 173.860
S2 173.253
S3 172.811
S4 172.369
Attachment 12062
As you can see on the GBPJPY chart in front of us the blue line’s position in the moment indicator is below the red line which means a good selling signal should be occurring also the yellow color shown in the oracle strength indicator means that a upwards direction signal is going to take place.
The oracle direction indicator could serve as a filtering tool with the red colors shown on the arrows meaning that a downward signal would be taking place in short term trades.
Summing all that up in my opinion I do think that the trend would be taking a downward direction but that can only happen if the moment sell cross was taking place on the chart And as long as the ATR indicator keeps showing selling signals then without doubt the sell trades would be a better choice for entry.
http://bigimage.cz/photos/20010110979115045191582.gif .
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analysis for today 10 / 29 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPJPY on the date 10 / 28 / 2014
OPEN 173.81
HIGH 174.77
LOW 173.70
CLOSED 174.50
The third resistance (R3) 174.77 - ( 174.32 - 173.70 = 0.62 x 2 = 1.25 )= 176.02
The second Resistance (R2) 174.32 + 174.77 - 173.70 = 175.39
First resistance (R1) 174.32 x 2 = 348.65 - 173.70 = 174.95
pivot points 174.77 + 173.70 + 174.50 = 522.97 / 3 = 174.32
Support for the first (S1) 174.32 x 2 = 348.65 - 174.77 = 173.88
Support second (S2) 174.32 - ( 174.77 - 173.70 = 1.07 ) = 173.25
Third Support (S3) 173.70 - ( 174.77 - 174.32 = 0.45 x 2 = 0.89 )= 172.81
for the GBPJPY pair the price now lower than the EMA line of 15.
Which can be a good sign for bearish trend for the current day.
The power line indicator is now above the 50 th level which can be an indication for a good upward direction of the signal.
At last one thing can be added is the power momentum indicator that shows a high power of the bearish trend and that can be used as a filter to filter the entry of sell positions.
http://bigimage.cz/photos/20010110979115914690803.gif .
By analyzing the GBPJPY we can but a bullish chanel to limit the movement of the market inti two trend lines The price is moving at the upper edge of the donchin channel so you may think about selling as long as there is no opposite signs appear on the Awesome oscillator The Awesome oscillator has a red bar appears above the level of 0 and it is considered a good sell signal Also the stostatic indicator shows sell signal by showing down intersection between the two lines near the 80 th level Till this moment bearish trend is the choise and also selling targeting the lower edge of the donchin channel is not a bad idea at all http://bigimage.cz/photos/20010110979114944423468.gif
On the GBPJPY hourly chart we can see that a week bullish trend is happening as the Blade oscillator is now at the 0.008 area above the level of balance and also the indicator is colored in blue that is a week indication of bullish direction on the short term. Another sell signal is shown on the moving average indicator as it is heading downward to let me think that the last bottom performed at 174.41 could be a good place to set any buy position's stop loss level at. http://bigimage.cz/photos/20010110979116648187518.gif
Monitoring the GBPJPY chart today I realized that a bearish trend is taking place and that’s because of the red arrow shown on the chart also the price 174.55 which is considered a top is a matter of fact the strong resistance preventing the price from penetrating it and heading above it and that is of course if the trend kept heading strongly in the bearish direction.
The parabolic sar dots however is currently appearing above the candle sticks meaning the price would be heading down for quite some time.
If we are to be taking selling trades as the main trades then the support 174.25 would be the best as initial taking profit position and also there is a great chance for the price to head north after reaching it.
http://bigimage.cz/photos/20010101978308796130097.gif .
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analysis for today 10 / 30 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPJPY on the date 10 / 29 / 2014
OPEN 174.49
HIGH 174.72
LOW 174.05
CLOSED 174.39
The third resistance (R3) 174.72 - ( 174.39 - 174.05 = 0.34 x 2 = 0.67 )= 175.39
The second Resistance (R2) 174.39 + 174.72 - 174.05 = 175.06
First resistance (R1) 174.39 x 2 = 348.77 - 174.05 = 174.72
pivot points 174.72 + 174.05 + 174.39 = 523.16 / 3 = 174.39
Support for the first (S1) 174.39 x 2 = 348.77 - 174.72 = 174.05
Support second (S2) 174.39 - ( 174.72 - 174.05 = 0.67 ) = 173.72
Third Support (S3) 174.05 - ( 174.72 - 174.39 = 0.33 x 2 = 0.67 )= 173.38