The pair took the 50Wsma support and moved higher in yesterday's session. The pair breached the 20Wsma and is trading above that. On the upside, it has resistance at the 173.52 and 174 levels. In yesterday's session, the pair gave a stellar rally, breached the near- and short-term moving averages and closed above those. Today, the pair opened and crossed the previous day high, but it was unable to stay there. We recommend selling at cmp or wait for a minor correction to enter again. On the down side, it has strong support at the 172.65 level. In case a daily close is below 172.65, bears will push the pair again in the near term.
For an intraday basis, the price is closed and is trading above the key hourly moving averages. But the hourly momentum oscillators are indicating a sell sign. The pair has support at 172.60, below this 172.15 is the major hourly support. If it is hit, this will lead some selling pressure up to 171.77, 171.65, and 171.35. The panic will trigger below the 171.35 level.
Fresh buy only above 173.45.
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 on GBP/JPY for September 11, 2014 . Thanks for your support.
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