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August 8, 2014

GBP/JPY Daily forex post August 8, 2014

Posted by: ffs @ 03:20 GMT Category: Daily Forex,GBP/JPY,Signals

GBP/JPY Technical view

Updated:  August 8, 2014 3:20:32 GMT
SPOT GBP/JPY Previous day OHLC
Open High Low Close Change
172.01 172.62 171.66 171.84 -0.19
Today's Support and Resistance
Resistance
Support
R3 173.30
R2 173.00
R1 172.60
S1 171.30
S2 171.00
S3 169.50

Sterling edged lower versus the yen after a volatile session. The pair settled at 2- months lows versus the Asian currency, coming off the session highs after testing Fibonacci levels at 172.60 yen. There could be some more downside left, with key supports at 171.00- 171.30 likely to be tested in the day's session. Look to initiate trades at the May lows of 169.50- 169.80

Trend direction

  • Short term: Bearish
  • Medium term: Bullish
  • Long term: Bearish

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Long Sterling at 169.70 with stops at 169.30 for targets of 171.00
Post ID: 9777
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