Technical analysis of GBP/JPY for July 17, 2014 Trend News

GBP/JPY

The pair gave a symmetric triangle breakout, made a high at 175.35 (double top). The pair started correction and held at the breakout level. Currently, the pair is holding above the 30 DSma. The pair has support at 173.44 (30 DSma), 172.90 (breakout level) and 172.36 (50 DSma). For the near term the trading range is framed between 173.26-175.35 levels. On the down side, if the pair closes below 173.26, it can drift up to 172.56 which is strong support for the near and medium term. If a day close below 172.56, the near term turns to negative towards 171.80 170.95 levels. On an upside, if the pair manages to breach the double top at 175.35 we can see 178.80 (138% fib level).

Note-

The near term turns to negative towards 171.80, 170.95 levels, if it closes below 172.50.

Fresh buy above 175.50 for targets 178.80.

On an hourly basis, the pair is trading above the hourly moving averages. The pair has support at 174, 173.88, 173.80. Below 173.80 the pair looks weak for a downside target 173.55 and 173.26 levels.

Sell below 173.80.

Buy above 174.55.

Strong momentum is only above 176 for targets 178.80.

The material has been provided by InstaForex Company - www.instaforex.com



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