GBP/JPY Daily Technical Analysis - December 11, 2014
Current Exchange Rate: 185.91 at the time of analysis update.
Intraday outlook: .
The recent support at 184.97 represented the psychological support of 185.00 as the currency pair jumped up strongly after just touching it. Also on the other side, as we had mentioned yesterday, the previous resistance at 189.72 indicated that 190.00 proved as a psychological barrier. We expect some extended sideways moves between 185.00 and 190.00. For the short-term, a decisive break above 186.25 may bring some further recovery towards 186.55 and possibly towards 186.80. This is if a support at 185.40 holds. Any break of this support may take GBP/JPY to retest 184.97. A decisive break of this support should extend the decline to target 184.55 and then possibly deeper.
On the upside, if the resistance at 186.25 fails then another minor resistance will be expected near 186.55. A failure of that resistance should extend the recovery towards 187.60.
GBP/JPY Daily and Hourly Charts
GBP/JPY 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 (Tuesday, 21 October 2014 02:31) 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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