The pair breached the 200Msma but unable to sustain above that. Today's closing will provide further room in the near and short term. A monthly close above 177.65 adds further bullish thought. The pair has support at 177.15, below this at 176.65 and 176.40 levels. The pair is making a symmetric triangle on the daily chart. The height of the triangle is 2 units. The trend decider levels existed at 177.15 on the downside and 178.20 on the higher side. The weekly support existed at the 175.28 level. If a daily close is below 20Dsma, the pair will fall to the 173.51 levels.
For an intraday view, the prices are closed below 35DEMA and 12ema levels. Safe traders can sell below 177.38 and risky traders can sell at cmp 177.70 using sl 178.20. Huge buying will take place above 178.20 with an upside target at 178.45-178.50 and 178.75, maybe 179.20.
Huge buying above 178.20.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Intraday trading recommendations for GBP/JPY for September 30, 2014 . Thanks for your support.
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