The pair continued its downward journey and closed below 200Dsma in yesterday's session. The pair has support at 171.63 the 80.0 fib level. Today the pair opened above previous close and held the previous day's low. The sellers will benefit only below 171.63 for a downside target at 171.00 and 170.62 levels. For the short term perspective, the pair has weekly support at 171.00 50Wsma, the same provided support on September 2014 at 169.36 level. In case the pair falls below this level, 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 basis.
For an intraday view, the prices are closed and trading below hourly moving averages. The price has resistance at 172.72 above this, 173.05 , 173.40 and 173.76 will act as strong resistance levels. Until the prices close below 173.76 in the h4 chart, use every upmove to sell. For an hourly trades, risky traders can start buying above 172.72 and selling below 171.75 to get profit.
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 Technical Analysis of GBP/JPY on October 14, 2014 . Thanks for your support.
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