After release of the BoJ monetary policy meeting minutes, the yen was trading higher against the pound. The cross erased its Monday’s gains.
It has been consolidating near the fate/fortune level. It’s a big day for the US and UK. At the today’s Asian session, the pound is trading higher
against USD and JPY ahead of crucial big data. The cross is trading in the support zone around 177.95 and
177.80, 200Dema, and 200Dsma respectively. Monthly support is found at 176.70
50Wsma. Weekly resistance is seen at 181.50 and 181.65. The panic will be
triggered in case the price closes below 177.80. The cross closes below 50Dsma, so the near and short-term outlooks remain bearish. On a weekly basis, the
cross closes below 20Wsma and is trading below it. Until the price closes below
180.50, the bearish view remains in play. Intraday resistance is seen at 179.50.
Intraday support is found at 179.60 and 179.10. Trade: selling below 179.60
with targets at 179.10,178.90 and 178.70. Panic below 177.80. Levels to watch-
177.95 177.80 last hope at 177.60. These are valid for this week.
To contact the author of this story, please email- firstname.lastname@example.org
The material has been provided by InstaForex Company – www.instaforex.com