GBP/JPY Daily forex post August 18, 2014

GBP/JPY Technical view

Updated:  August 17, 2014 15:07:47 GMT
SPOT GBP/JPY Previous day OHLC
Open High Low Close Change
170.90 171.44 170.41 170.82 -0.09
Today's Support and Resistance
Resistance
Support
R3 172.80
R2 172.50
R1 171.60
S1 170.70
S2 170.30
S3 170.00

Sterling settled unchanged versus the yen on Friday, coming off the session lows after grazing the bottom end of the medium term bullish channel and supports at 170.30 yen. Near term view bearish although the declines are likely to be capped around supports at 170.00- 170.30. Long the pair around the supports with tight stops

Trend direction

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

Trading Recommendations

  • Short:

    • N/A
  • Long:

    • Long Sterling at 170.20 with stops at 169.70 for targets of 171.50
    • Long also at 169.80 with stops at 169.40 for targets of 171.50