Weekly view (August 04-08)
The pair hit the 6-month support trend line on a weekly basis, and closed below that in the previous week. Today the pair opened below the support trend line, currently now it is acting as resistance unable to breach that. It has the nearest weekly support at 172.20 (20WSma). The pair hit the descending upper trend line and closed below that. The pair held the parallel support at 172.36 (low made 172.39) on Friday's session. On the down side, it has support at 172.20-172.10 (rounded to 172). The pair will extend its fall only below 172 towards 171.75, 170.95 and 170.70 levels.
Support 172.36 172.20 172
Resistance 173 173.86 174.25
Positional sell only below 172
Intraday cm 172.73
In the Asia's session, the pair is trading below the hourly moving averages, 21HrSma and 34Hr Sma. Until the prices close below these, the bears will have an upper hand. The pair has been making a lower lows formation for 18 hours. We recommend to buy above 172.80 for 173, 173.20 and 173.30 levels. We can see a strong momentum only above 173.30 for 173.80. The pair has intraday support at 172.36, 173.20 and 172.0
Support 172.36 172.20 172
Resistance 172.80 173 173.20
Buy above 172.80
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly forecast and an intraday analysis of GBP/JPY for August 04-08, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of GBP/JPY for August 04-08, 2014
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