Technical analysis of GBP/JPY for August 12, 2015

The cross has been consolidating at higher levels, facing strong rejection from the supply zone. The cross approached the lower end of the supply zone at 195.24 The supply zone existed between 195.25, which is an August 06 high, and 195.87 which is a June 24 high.

Intraday resistance seems at 195.05, 195.25, and 195.60, a high has just been hit at 195.02. Support is seen at 194.50, 194.00, and 193.70.

On the hourly and four hour-chart, the oscillators are indicating negative divergence. During the present uptrend, the cross is unlikely to breach the earlier high. We expect the cross to make a top again between 195.10 and 195.60.

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The material has been provided by InstaForex Company – www.instaforex.com

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