GBP/JPY Daily Technical Analysis - August 4, 2014
Current Exchange Rate: 172.58 at the time of analysis update.
Intraday outlook: .
There is no argument about the strengthening bearish sentiment, at least for the short-term, but we are staying neutral initially, considering the fact that recently the support was witnessed twice exactly at the same level i.e. 172.38. And this happened with a wide time gap on June 30th and then August 1st. In case GBP/JPY breaks below 172.38 then it will be expected to target 171.80 to 172.00 support zone first and then possibly 171.55.
This is not for today but overall, on the upside any break above the recent 174.56 will be required to turn the focus back towards upside. Any decisive break over 174.56 should target the psychological level of 175.00 first and then possibly 175.37/175.55 resistance zone.
GBP/JPY Daily and 4-Hourly Charts
GBP/JPY 4-Hourly Chart
GBP/JPY Daily Chart
Further Resources and notes
Note 1: Please also take a look at GBP/JPY forecast for mid-term trading approach updated on the weekends.
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(For Carry Trade)
GBP/JPY Resistance and Support with Daily Pivot Points (Values at GMT 00:00)
Last Updated (Monday, 04 August 2014 04:08) GMT
|Standard Pivot Point for GBP/JPY||Fibonacci Pivot Point for GBP/JPY||Woodie Pivot Point for GBP/JPY||Camarilla Pivot Point for GBP/JPY|
Notes and caution about Forex analysis for GBP/JPY
The daily GBP/JPY analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and GBP/JPY price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for GBP/JPY.
However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.
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