Daily analysis of GBP/JPY for September 08, 2015 Market Analysis Review

Overview

On the H4 chart, a breakout of the medium-term trend-line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY was close to the key cluster resistance line of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal resulting in a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

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