GBP/JPY
The pair was pushed to the medium term support level at 172.60 (50 DSma) and bounced back from there. The pair is trading at a three-week low. The nearest support is at 172.36 and 171.80 levels. A day close below 172.36, in the near term it will again turn to the negative mode at 172, 171.70, 170.95 and 170.70 levels.
For an hourly basis, the pair is trading below the hourly moving averages. It was rejected at 34HrSma twice, and now it is moving further lower. It has resistance at 172.90, 173.06 and 173.20 levels. GBP looks weak. We recommend buying above 173.20 levels with targets 173.35, 173.50 and 173.60.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/JPY for July 24, 2014 . Thanks for your support on Technical analysis of GBP/JPY for July 24, 2014
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