The yen rose against most major pairs. At yesterday's session, the pair rejected at 20Dsma. Today, at Asia's early session the pair managed to hold the previous day's low. The pair has been consolidating for 3 consecutive weeks between 180.55 and 175.83. The pair has strong support at 175.30 or 50Wsma. In case a weekly close is below this, the pair can attract more room in downside towards 173.50. This month, the pair breaks below the 200Msma, but it manages to trade above it. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. On the H4-chart, the prices are closed and trading below hourly moving averages. We can observe a descending triangle on the H4-chart. So, on this chart the prices are consolidating at the 177.65 levels. The intraday resistance exists between 178.50 and 178.80. We can see strong momentum towards 180.20, in case if the pair breaches above 179.40. Today, the focus has shifted to Japan's retail sales data. We recommend fresh selling only below 177.60 levels with the targets at 177.20, 177.00, and 176.50.
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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 January 29, 2015 . Thanks for your support.
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