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Forecast and trading recommendations on GBP/JPY for February 02, 2015

The yen rose more than 32.00% in the previous month and the cross fell 6% last month. In January, the first week of negative closing took place after 40-months of winning streak. The pair has been consolidating for 3-consecutive weeks between 180.55 and 175.83. Early this week, the pair is trading on a bullish note at the Asian session. The pair has strong support at 175.30 and 50Wsma levels. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. The pair has been rejected at 20Dsma 4 days in a row. The prices are making lower lows and lower top formation on the h4- chart. The prices are closed and trading below the hourly moving averages. In case if the prices close below the lower end of the descending of the triangle, bears can pose challenge towards 173.50. In the previous week, we recommended selling below 177.60 with the targets at 177.20, 177.00, and 176.50. The cross made a low at 176.12. This week, we recommend selling below 175.30; safe selling will be triggered only below 175.00. The intraday resistance exists between 174.50 and 178.10. Today, the focus has shifted to UK's manufacturing PMI data. As of now, the cross favours a pullback towards 177.20 and 177.50. We recommend fresh buying only above 177.70 with the targets at 178.20 and 179.40.

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Uitgevoerd door, Analytische expert
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