Forecast and trading recommendations on GBP/JPY for February 03, 2015 Market Analysis Review

The cross has been consolidating for 4 consecutive weeks between 180.55 and 175.83 this week. The pair has strong support at 175.30 and 50Wsma. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. The pair is being rejected at 20Dsma 4 days in a row. On the daily and hourly charts, nothing has happened yet. The prices are making lower lows as well as a lower top formation on the h4 chart. The prices are closed and trading below the hourly moving averages. Today, at the early Asian session, the pair was rejected at 35DEMA on the h4 chart. In case the prices close below the lower end of the descending line of the triangle, bears can face a challenge towards 173.50. This week, we recommend selling below 175.30; safe selling will be triggered only below 175.00. The intraday resistance exists between 174.50 and 178.10. Today, the focus has shifted to UK's manufacturing PMI data. As of now, the cross favours a pullback towards 177.20 and 177.50. We recommend fresh buying only above 177.70 with the targets at 178.20 and 179.40.

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