The cross has been consolidating at higher levels, facing strong rejection from the supply zone. The cross approached the lower end of the supply zone exists at 195.24 The supply zone existed between 195.25, which is an August 06 high, and 195.87 which is a June 24 high.
Intraday resistance seems at 195.05, 195.25, and 195.60, a high has just been hit at 195.02. Support is seen at 194.50, 194.00, and 193.70.
On the hourly and four hour-chart, the oscillators are indicating negative divergence. During the present uptrend, the cross is unlikely to breach the earlier high. We expect the cross to make a top again between 195.10 and 195.60.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for August 12, 2015 . Thanks for your support.
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