FX.co ★ Intraday trading recommendations for GBP/JPY for August 29, 2014

The pair once again held the 20DSma in yesterday's session and closed above it. It was rejected thrice at a 2-month descending trend line. For 2 days, it's been rejected at 100DSma on a closing basis. As of now, it made a low at 172.06 -171.89 on a closing basis. The pair has strong resistance at the level of 173 (50DSma). In the short term, until the pair closes below 173, it's better to sell. On the down side, it has support at 171.90. So a daily close below it would result in selling up to 171.63 and 171 in the near term.

Support 171.90 171.58 171

Resistance 172.40 172.70 173

On an intraday basis, the price hit the 12ema and 35DEMA. The pair has support at 171.63. Until the price trades below the descending trend line, sell on every up move. The pair would face huge selling pressure below 171.60 towards 171.35, 170.90 and 170.75 levels.

Sellers will mint the money