The pair successfully closed above 20WSma on the previous weeks, trading in a 4-week high. The pair came out of an 8-week trading range. The pair has weekly support at the 172.35 level. On a weekly basis, the pair has the nearest strong resistance at 172.90. The pair has just made a high at 172.92 in Asia's session and trading at 172.76. A daily close is above 173, the weekly trend turns to positive for a sharp run up to 173.30, 173.50, 174, and 174.20.
In case a daily close is below 169, strong selling will resume. - pending
In case a daily close is above 173, strong upmove is intact. - pending
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 September 01-05, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of GBP/JPY for September 01-05, 2014
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