The pair has been in an uptrend from 100.83 levels. The pair corrects up to 50% every up move. In yesterday's session the pair took support at the 23.6 fib level, but closed below the 50-day SMA. Today in Asia's session the pair tries to breach the 50-day SMA at 102.12, it exactly touched that but was unable to cross above that. Currently the trading pattern is fixed between 101.86-102.12 levels. If the pair breaches the upper resistance at 102.12, it can fly up to 102.25 and 102.40 levels. On the down side, if the pair breaks yesterday's low, it may drift up to 101.75, 101.50, and 101.35 levels.
Recommendation- cmp 102.10.
Buy above 102.12.
Sell below 101.86.
GBP/JPY
Like USD/JPY, GBP/JPY is also facing strong resistance at 50-day SMA (171.55). As of now, the pair made a high at 171.54 in Asia's session. For the last three trading sessions, the pair has made lower lows and lower highs. If the pair manages to cross above the 50-day SMA at 171.55, it can fly up to 171.79 and 172.50 levels.
Hourly trade cmp-171.54.
Buy above 171.55 for targets 171.65 and 171.70.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday analysis of USD/JPY and GBP/JPY for June 12, 2014 . Thanks for your support on Intraday analysis of USD/JPY and GBP/JPY for June 12, 2014
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