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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 86370, member: 33464"] [b]GBPJPY Trading Around Critical Juncture[/b] [B]Key Highlights[/B] • British Pound surged higher against the Japanese Yen, but it found resistance around a major resistance zone. • Japanese Industrial Production released by the Ministry of Economy, Trade and Industry declined by 2.1% in May 2015, compared with the preceding month. • Japanese Capacity Utilization also posted a decline by 3% in May, which was also below the forecast compared with the last reading. [B]GBPJPY Technical Analysis[/B] The British Pound enjoyed a decent ride against the Japanese Yen, as the GBPJPY pair traded above a major resistance area of 190.00. There was a bearish trend line formed on the hourly chart of the pair, which was breached by buyers. However, the break was crucial, but the upside found resistance around the 61.8% Fib retracement level of the last drop from the 196.86 high to 184.97 low. [IMG]http://s13.postimg.org/l2txdcu1j/GBPJPY_07_13_2015.png[/IMG] The most important point was the fact that the 100 and 200 simple moving averages is also aligned with the mentioned fib level. It looks like there is a major resistance formed around 191.70-80 where sellers might take a stand. The recent break was a major one, so if there is a correction, then the pair might find support around the broken trend line. The hourly RSI is above the 50 level, which is a positive sign. On the upside, a break and close above the 200 SMA may take the pair higher in the near term. ------------------------------------------- [B]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/B] [/QUOTE]
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