The pair continued its downward journey and is trading below 50Wsma. Today the pair opened above the previous close, but was rejected at 200Dsma. For the short term perspective, the pair has weekly support at 171.00, 50Wsma, on a closing basis, the same provided support on September 2014 at 169.36 levels. In case, if the pair closes below this, 170.62, 200Dema, will act as another major support. In the weekly chart, the base of the triangle providing enough support in the short term on a closing basis. For bears, until the price closes above 173.32 sell on every rise on a positional basis.
For an intraday view, the prices are trading below hourly moving averages. The price has resistance at 171.55. Until the prices close below 171.55 in the h4 chart, use every rise to sell. For an hourly trades, risky traders use sl 171.55 levels.
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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for October 17, 2014 . Thanks for your support.
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