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August 10, 2014

GBP/JPY Daily forex post August 11, 2014

Posted by: ffs @ 11:15 GMT Category: Daily Forex,GBP/JPY,Signals

GBP/JPY Technical view

Updated:  August 10, 2014 11:15:19 GMT
SPOT GBP/JPY Previous day OHLC
Open High Low Close Change
171.78 171.90 170.64 171.09 -0.75
Today's Support and Resistance
Resistance
Support
R3 173.00
R2 172.70
R1 171.30
S1 171.00
S2 170.80
S3 169.50

Sterling ended the fifth straight week in the negative, versus the yen, the longest since January this year. The pair however settled below the bottom end of the near term bearish channel at 171.30 yen, indicating further near term weakness in the trend and supports at 169.50 likely to be tested during the week. A close above 171.30 yen will negate the near term bearish view

Trend direction

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

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Long Sterling at 169.60 with stops at 169.20 for targets of 171.00
Post ID: 9794
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