Intraweek forecast and an intraday analysis of GBP/JPY for July 30-August 1, 2014

The pair has been
consolidating at 50DSma, it hit the 50DSma, at the end of the day it successfully
closed above that. We can expect something
bigger in the next coming weeks either 174.50 or 172/171 levels. Today, in
Asia’s session, the pair was able to trade above the 50 DSma. Japan’s June industrial output dropped at a faster pace. The pair has resistance at 173.50 and 173.62
(20DSma), support is between 172.60-172.36 levels. We can see a sharp correction, once the pair
closes below the 50DSma.

Intra week

Support 172.60 172.35

Resistance 173.50 173.62

Intraday cmp 173.09

The pair has been in
a consolidating for the last week. Finally, the pair is trading above the
hourly moving averages. The pair has strong resistance at 173.60 and support
at 172.90. The pair looks weak below 172.90, it can correct up to 172.60, 172.36 and 171.85 levels.

Support 173.0 172.90 172.60

Resistance 173.25 173.50 172.62

Intraday- buy above
173.25

The material has been provided by InstaForex Company – www.instaforex.com