Written By : ForexAbode.com || Monday, 04 August 2014 05:10 GMT

GBP/JPY Daily  Technical Analysis - August 4, 2014

Current Exchange Rate: 172.58 at the time of analysis update.

Intraday outlook: Neutral 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 analysis - 4-hourly chart - August 4, 2014

GBP/JPY Daily Chart     

GBP/JPY  analysis - daily chart - August 4, 2014

 

Further Resources and notes

Note 1: Please also take a look at GBP/JPY forecast for mid-term trading approach updated on the weekends.

Note 2: Please subscribe to the analysis newsletter so that we can send email alerts as soon as we update the the same.

There can also be some news or some indications from technical indicators or chart patterns which may suggest some major moves. Please check and share such observations at GBP/JPY chart alerts in the blog section. Do also check GBP/JPY market sentiments in the forum.
GBP/JPY Interest Rate Comparison
(For Carry Trade)
Pound sterling (GBP) interest rate
0.50%
Japanese yen (JPY) interest rate
0.10%
GBP/JPY interest Rate Comparison
0.40%

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
R3 174.02 R3 173.67     R3 172.78
R2 173.67 R2 173.31 R2 173.61 R2 172.69
R1 173.09 R1 173.09 R1 172.99 R1 172.61
Pivot 172.74 Pivot 172.74 Pivot 172.68 Pivot 172.74
S1 172.16 S1 172.38 S1 172.06 S1 172.43
S2 171.81 S2 172.16 S2 171.75 S2 172.35
S3 171.23 S3 171.81     S3 172.26
Open 173.60 Open 173.60 Open 173.60 Open 173.60
High 173.31 High 173.31 High 173.31 High 173.31
Low 172.38 Low 172.38 Low 172.38 Low 172.38
Close 172.52 Close 172.52 Close 172.52 Close 172.52

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.

Please check the current GBP/JPY Exchange Rate.

Check any Real-Time GBP/JPY Trades in Forum.

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