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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 108756, member: 33464"] GBPJPY – British Pound Looks Set To Gain Further Pace Key Highlights • The British Pound traded higher recently versus the Japanese yen and may continue to gain pace. • There is a crucial ascending channel pattern formed on the 4-hours chart of the GBPJPY pair, which is helping buyers. • The Japanese Industrial Production preliminary report was released by the Ministry of Economy, Trade and Industry earlier today. • It posted no change in July 2016, compared with the forecast of an increase 0.8%. GBPJPY Pair Technical Analysis The British Pound after testing the 129.00 support zone versus the Japanese yen traded higher and recovered well. It looks like the GBPJPY pair may continue to head higher in the near term. [IMG]https://s12.postimg.org/ou6auydot/GBPJPY_08_31_2016.png[/IMG] As mentioned, there is a crucial ascending channel pattern formed on the 4-hours chart of the GBPJPY pair. It is acting as a catalyst for the current bullish trend and helping buyers. However, on the upside, there is a major resistance near the 200 simple moving average, which is also around the 50% Fib retracement level of the drop from the 139.91 high to 129.07 low. The GBP pair may correct a few pips in the near term, but the channel support may come into play in that case to protect a downside break. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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