02/20/2015 15:30 EST Update
GBP/USD 4-hour: Rebounding from the Ichimoku’s cloud.
Invest Diva positioning: Long positions above 1.5441 with targets at 1.5584 and 1.5753 in extension.
Technical reasons why: The pair is on an overall uptrend and rebounding from the 61% Fibonacci level and the Ichimoku’s cloud. The RSI is around the neutrality area.
Alternative Scenario: Below 1.5441 look for further downside with 1.5352 and 1.5208.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.5280 | 1.5441 | 1.5753 |
| 1.5208 | 1.5584 |
USD/JPY 4-hour: Continues to move between the key levels.
Invest Diva positioning: No positions.
Technical reasons why: The pair continues to move up and down between the pivot levels. The RSI is around the neutrality area.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 117.29 | 118.45 | 121.83 |
| 116.05 | 120.63 |
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