Technical analysis by AMEGA - Opinion
Fundamental analysis: for the fifth month (since February), the currency pair GBPJPY is in a medium – term bearish trend-you need to be ready for a reversal. Today's good news for Japan (Tokyo CPI ex Fresh Food) has significantly raised prices.
Technical analysis: the long-term bearish trend that began in summer 2007 has not yet turned around, although it is close to it. Let's pay attention to the H4 chart - the Alligator's mouth is opened downwards, but the lines are close to interlacing – the situation is uncertain. Note also a psychologically important point, now many traders can see in the level 143.500 - "bottom", as the price" rests " down the screen, and it seems (just seems) too low. Here you can be deceived.
Trading recommendations: a reasonable solution is to wait for the development of the current market situation. Long positions - after the true breakout of the resistance level at 146.500. Cancellation of this option and correspondingly short positions - with the breakdown of the level 144.000.
Sergey Ryazantsev - financial analyst of brokerage company AMEGA.
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It’s recommended to try to have a short position near the control resistance zone 1.32144-1.31952 (211 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.