FX.co ★ Intraday trading recommendations on GBP/JPY for August 28, 2014

GBP/JPY

The pair held the 20DSma in yesterday's session and closed above that. As of now, it made a low at the 172.06 level. The pair has strong resistance at the 173 level. In the short term, until the pair closes below 173, selling on an up move will mint the money. On an intraweek basis, if the pair closes above 172.40, some pull back is expected. On the down side, it has support at 172; a daily close below this leads to selling up to 171.63 and 171 in the near term.

Support is set at 171.90, 171.63, and 171.

Resistance is at 173, 173.50, and 174.25.

For an intraday purpose, the price hits the 12ema and 21hrsma. The pair has support at the 172.06-171.90 levels. Until the price trades below the descending trend line, sell on every up move.