Monday, 17 November 2014

GBP JPY Forex Technical Analysis



SUMMARY :
GBP/JPY is in uptrend but prices are not sustaining on higher level. It is sustaining on rising trendline & forming a double top formation on higher levels,which is expected to give a breakout downside. If GBP/JPY breaks the level of 181.40 it can come down to the levels of 180.40 . Prices are taking resistance from 30 DMA & consolidating for gaining strength to give down side breakout. RSI is sustaining below the 50 level & showing no strength to breaking it upside & indicating to continue the down trend for this week also. MACD line is sustaining below the Zero line & supporting the downside movement for next few sessions.
 
Technical Chart

STRATEGY :

GBP/JPY is looking weak on charts. Indicators also supporting the same. One can go for sell on higher level strategy for this pair for intra day to mid term positions