14.08.201516:17 Forex Analysis & Reviews: Daily analysis of GBP/JPY for August 14, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview

According to the attached chart, GBP/JPY recovered ahead of the 190.99 support and intraday bias is turned neutral at first. A further rise cannot be ruled out. But at this point, we are holding on to the view that consolidation pattern from 195.86 is not completed yet. Thus, we'd expect strong resistance from 195.86 to limit upside and bring a reversal. Meanwhile, a break of 190.99 will start the third leg of the consolidation and will target the 184.95 support.

Daily Pivots: (S1) 192.91; (P) 193.67; (R1) 195.05

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.