GBPJPY Weekly Technical Analysis (6-10 April, 2015) | April 4, 2015

After rapid falling from 184, this pair is now on ranging mode. We did not see any major movement on this pair. This pair is facing both bullish and bearish pressure. So we can see a spinning candle near to support area. It can bullish sign if any bullish candle form near to this support area. On daily chart, there are a lots of doji type candles. So this is a sign of indecision condition of the market. So we need to wait for breakout of this ranging zone for catching next direction of this pair.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 179.24

Resistance One (R1): 178.33

Pivot Point: 177.49

Support One (S1): 176.58

Support Two (S2): 175.74