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.
Currency pair PLNJPY for eight years moves in growth channel. Since the rejection in December 2014 year a very important resistance at 35.50 and the upper limit of the bullish channel market moved south but declines didn’t reach the lower limit of the formation and bullish reaction appeared earlier in the area of local support 25.70 coinciding with the level of 70.7% Fibonacci correction.
Looking on the weekly chart we see that from the beginning of the year, the market oscillates around 28.25 local resistance, which defeated could pave the way for further growth even in the vicinity of the level of 30.25 coinciding with measuring of 50% Fibonacci correction of the entire previous bearish move.
On daily chart, we see that market moves inside prior consolidation. However, taking into account the duration of the last (selected in the mint) box , the current sideway (horizontal) trend could be continued even in the vicinity of the intersection of 27.53 support with ascending trend line.
Taking a look on graph H1we notice that the market in recent times does not respect any support levels or resistance. Therefore it’s hard to determine a potential appearance of some reaction of bulls or bears, but considering that last week price rejected the lower limit of consolidation in the near future we can expect a continuation of growth in the vicinity of its upper limit.
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