09.10.201407:24 Forex Analysis & Reviews: Technical analysis of GBP/JPY for October 09, 2014

Long-term review

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The pair again fell back to the symmetric triangle in the weekly chart. In yesterday's session the pair held 20Wsma and pulled back from the lows. The pair is facing resistance at the upper end of the triangle. In the daily chart the pair trading below the 20Dsma, but above 50Dsma. The trading pattern in the daily chart represents the 'selling the rise' strategy. In case if the price closes below 50Dsma (173.77), the short-term trend will turn down. In case if the pair closes above 177.50 on a monthly basis, then we can see 183 levels. But the chances are very remote.

For an intraday view, the prices are closed above 35DEma, but the pair is facing strong resistance at 34hrsma. We recommend selling at the market price of 174.70 with sl 175.05 and targets at 174.74, 174.15. For bulls, above 175.12, it can fly up to 175.90 levels.

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