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20.09.2007 - Technical analysis for GBPJPY

  • Description

After the market had reached the 231.24 level described in yesterdays (19.09.07) analysis, it could be felt that the bears are starting to weaken.

Market: GBPJPY
Interval: H1
Levels:
Support – 231.24
Resistance – 233.83, 234.18

Description:

Currently the market has once more reached the mentioned level and forged a pro increase candlestick formation; the hammer (Pic. 1, orange rectangle). This is a signal that the bulls are growing in power and an assurance to this, would be the breaking of the 232.55 level. After breaking the mentioned level I believe that the market will be headed towards the following levels: 233.83, 234.18, 234.18. What next? I will repeat what I usually say. Let the candles speak.

Pic. 1


Omar Arnaout