|GBP/JPY Wave Analysis for July 9, 2012|
|EUR/JPY Intraday Technical Analysis|
Proceeding from today's H4 chart, the pair has a slightly upward correction after its rebound from the Support level 123.00. Presently the pair is trading between the Support area 123.25-123.00 and the Resistance level 123.75. If the pair continues its bullish move and manages to close 4H above the Resistance level 123.75, this will be a strong indicator for the bullish-signals from closing 4 hours above the Resistance level and enabling the Resistance level of 124.40 as a level target, then we should wait for breaking the Resistance level and closing 4H above to continue bullish-signals.
On the other hand, if the pair is able to close 4H below the Support area 123.25-123.00, this will indicate a good opportunity for the bearish- signals and open the way towards the Support level 122.30, then we should wait for breaking this Support level and closing 4H below to continue the bearish move. If the pair manages to break the Support level, it will mean a bearish strength providing new sell-signals. Based on the given H4 chart, the technical indicators provide sell signals but as long as the Support area is unbroken, the upward move is still expected and invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support Levels
According to previous analysis, we recommend selling in case of closing 4H below the Support area 123.25-123.00 with TP 122.45; SL closing 4 hours above the Support area will be appropriate.
Analytical expert: Hossam Soliman Ali
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