The pound gained against the yen closing above the key moving averages in the daily and weekly chart. This week, as of now the cross took the support from 20Wsma trading above a 2-weeks high. The cross managed to close above 50Dsma in the previous session after 12 trading sessions. On the higher side, the cross has resistance at 175.00, 175.41 and 175.92, the 61.8 fib levels. On the other side, the cross has support at 173.90, 50Dsma, 173.40, 100Dsma, and 173.15, 20Dsma. The cross looks weak only below 173.40 levels. In the h4 chart, the 200sma acts as a major resistance level. The cross has been facing strong resistance at 174.76, 200sma.We recommend fresh buying above 174.80, with targets at 175.00 and 175.16, may be even at 175.40 levels. The pair looks weak below 174.00, 12ema, and selling pressure below 173.70. We recommend selling below 173.70 for targets at 173.25 and 173.00.
Trade-
Buying above 174.80
Selling below 173.70
Risky traders, use sl 174.78, sell at market price.
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 Trading recommendation on GBP/JPY for October 29, 2014 . Thanks for your support.
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