Written By : ForexAbode.com || Thursday, 11 December 2014 03:24 GMT

GBP/JPY Daily  Technical Analysis - December 11, 2014

Current Exchange Rate: 185.91 at the time of analysis update.

Intraday outlook: Neutral outlook for GBP/JPY..

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 analysis - hourly chart - December 11, 2014

GBP/JPY Daily Chart     

GBP/JPY  analysis - daily chart - December 11, 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
Japanese yen (JPY) interest rate
GBP/JPY interest Rate Comparison

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
R3 173.7 R3 173.35     R3 172.78
R2 173.35 R2 173.07 R2 173.34 R2 172.71
R1 172.97 R1 172.9 R1 172.95 R1 172.65
Pivot 172.62 Pivot 172.62 Pivot 172.61 Pivot 172.62
S1 172.24 S1 172.34 S1 172.22 S1 172.51
S2 171.89 S2 172.17 S2 171.88 S2 172.45
S3 171.51 S3 171.89     S3 172.38
Open 172.43 Open 172.43 Open 172.43 Open 172.43
High 173.01 High 173.01 High 173.01 High 173.01
Low 172.28 Low 172.28 Low 172.28 Low 172.28
Close 172.58 Close 172.58 Close 172.58 Close 172.58

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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