GBPJPY Technical Outlook (26-30 January,2015) | January 24, 2015

GBPJPY faced resistance at 180 area. It did not break that level and fall from that. After rejection this pair has come to its support area again. More downward rally is expected after breakout this support area at 175.70 to 176.00 and target will be 174.60 area. In this level, we can strong support area. This area will act as critical level for this pair. If we can see any bullish sign on this level, then we can enter buy from that support area. If break that support, then it can down sharply.


In weekly chart, we can see rejection bearish pin bar. So it indicates its bearish momentum. Daily chart also giving same concept. So our recommendation is to wait for breakout of support area.



Weekly Pivot, Support and Resistance


Resistance Two (R2): 181.71

Resistance One (R1): 179.11

Pivot Point: 177.59

Support One (S1): 174.99

Support Two (S2): 173.47