The pair hit the 100DSma and closed below that. In yesterday's session, the 100Dsma was acting as strong resistance. As of now, the pair has made a 172.35 in Asia's session; it got rejection there from 100DSma at the 172.36 level and holding support at 20DSma at 172. Now, the pair has made a low at the 172.12 level. On the daily chart, the 20Dsma has been acting as the crucial level for 5 trading days. A daily close below 172 (20Dsma) attracts the bears towards the 169 level. The pair will have strong resistance at 172.96 in the short term.
The short-term trading range is framed between 173-169. A daily close below/above these levels will create more room for trading.
Support is at 172 and 169.
For an hourly trading, the price is holding support at 34hrsma. Currently, the prices are making minor support at 172.12 (10hr low); below this, 171.85 and 171.63 are open targets. On the upper side, it has resistance at 172.23 and 172.30.
Buy above 172.30.
Sell below 172.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday trading recommendations on GBP/JPY for August 27, 2014 . Thanks for your support on Intraday trading recommendations on GBP/JPY for August 27, 2014
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