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23.09.201406:27 Forex Analysis & Reviews: Medium-term forecast and an intraday recommendation on GBP/JPY for September 23, 2014

Long-term review

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The pair managed to breach the 200MSma for the first time in the monthly chart after the 2008 fall. A monthly close above 177.65 (200MSma) leads to further bullish move in the short term. The Scottish referendum adds bullish view for the pound and the yen. If the USD index breaches the $85 mark, the yen will weaken further in the future, which adds bullish view in this pair in the short term towards 183 and 185-186. This view adds fuel once the pair is able to close above 200MSma on a monthly basis, still 6 trading days are left. The pair has strong support at 170 for the short- and medium-term basis.

For an intraday view, the prices are closed below 35DEMA. The prices have been holding 12ema at 177.90, below this, 177.50 and 176.50 are the major support levels. The pair will face some selling pressure below 176.50 towards the breakout level. On the other hand pair has resistance at 178.35, above this, it can fly up to 178.70 and 179.90 levels. We can see strong up move above 179.90 levels.

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