The cross is trading at a 2-months low. On the monthly chart, the cross fell below the 200Msma and is still trading below it. The cross has parallel support between 174.75 and 174.50. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. The weekly support level exists between 175.80 and 175.25 and 50Wsma. Today, at early Asian session, the cross managed to hold the previous week's low at 176.15 and is trading at 176.64. In case if the price breaks below 176.15, we can expect 175.80 and 175.20 immediately. A weekly close is below 175.20 and 50Wsma, the medium-term view turns to more bearish. The trading pattern is framed between the 175.20 and 180.50 levels. Either side of breakout will provide a clear way for the medium trend.
On the daily chart, the pair has been testing its fate at 200Dsma and a 2-week low at the175.80 levels. The pair broke the near- and medium-term moving averages and closed below them. So, it's clear bulls have the last hope between 175.80 and 175.20. If a weekly close is below, these levels can extend the cross fall towards 171.50. On the chart, we can observe the support trend line became the resistance trend line. Until the pair closes above the resistance trend line, use the rally to sell will favour. We recommend fresh selling only below 175.00.
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 Forecast and trading recommendations on GBP/JPY for January 26, 2015 . Thanks for your support.
No comments:
Post a Comment