15.08.201402:54 Forex Analysis & Reviews: Short-term trend levels and an intraday recommendation on GBP/JPY for August 15, 2014

Long-term review

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Short-term view-

The pair is likely to retest the November 2013 lows at 1.3295 levels. The monthly resistance is at 1.37 levels (June and July highs), in the current month it is spotted at 1.3420 (50MSma). Until the pair closes and trades below 1.3420 on the down side, 1.3295, 1.3250 and 1.3210 are the nearest open downside target.

Support 1.333 1.3295 1.3250

Resistance 1.34 1.3420 1.3435

Intraday cmp 1.3362

The pair has been consolidating at a one-year low of 1.333 for 7 days. The Euro was rejected thrice at 20DSma. In the daily chart, the RSI gives a minor positive divergence. The prices are consolidating near the lows. If the pair hits the low and drifts to 1.3295, we can expect a minor bounce to take place towards 1.34-1.3420. Until the pair closes above 1.3420, selling on an every up move will mint the money. The pair is trading below the hourly key moving averages. In early pacific session, it was rejected at 21hrsma.

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