From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.

Following rejection of local support around the level of 195.00 GBPJPY since August 2015 is moving rapidly to the south. As a result, declines reached vicinity of local support 126.00 coinciding with the measuring of 88.6% Fibonacci correction of previous increases where there was a strong bullish reaction.

GBPJPY Monthly

Looking on the weekly chart we see that lasting from October of last year increases reached the level of 147.50, where there was bearish response. Since then we observe calm drops, which are more like a correction than strong impulses.


On daily chart, we see that the market for nearly three months is moving in a downward channel. Last month, however, we oscillate around level of 138.90 forming inside the channel a descending triangle formation.


Looking on 4-hour interval we see that market is now re-testing the local resistance 140.60. If only this level is rejected, we expect declines.


On 30-minute chart we see that market has not yet reached precisely in the vicinity of the level of 140.60. If the growth will continue, and this level will be rejected, we might consider opening short positions.


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