FX.co ★ Short-term trend levels and an intraday recommendation on GBP/JPY for August 14, 2014

Short term view-

The pair made a minor bottom near the 170.72 levels. In early Asia's session, the pair made a low double bottom at 170.88, the previous low was set at the 170.87 levels. In yesterday's session, the pair was rejected at 20DSma and drifted to previous low. On the down side, if the pair hits 170.22, it will take strong support near 170.40 (20DSma). A daily closure below this turns the short trend negative. If it does happen, the bearish trend can reach the 168.65 levels.

Support 170.72 170.40 168.65

Resistance 172.13 172.35 173.10

Intraday cmp 171.10

The prices are closed and trading below the hourly key moving averages. The H4 RSI is indicating a minor positive divergence. Until the price trades below 171.37, 171.50, and 171.60, the pair will face some pressure. On the downside, it has support at the 170.88, 170.72, and 170.40 levels.

Strong buy above 171.60.

Risky traders should buy at cmp.