13.10.201407:54 Forex Analysis & Reviews: Technical analysis of GBP/JPY for October 13, 2014

Long-term review

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In the previous session, the pair finally broke the 50 and 100Dsma and closed below those levels. In the weekly chart, the pair broke the 20Wsma and closed below this as well. On the down side the pair has support at 172.00 200Dsma, 171.60, the 80% fib level, 171.00 and 170.60 200Dema levels. In the near and short term, the support zone is between 171.00 and 170.60 levels. In case if this week it closes below 171.00, we can expect strong sell-offs again towards 169.50. In case if the pair closes below the base of the ascending triangle, we can expect another free fall in the short and medium term. The pair has resistance at 173.45 20Wsma and 173.75. Until the price closes below 173.75, use every rise to sell.

Support: 172.00, 171.00, 170.60.

Resistance: 173.35, 173.75, 174.24.

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