FxGrow Daily Technical Analysis – 25th Aug, 2015
By FxGrow Research & Analysis Team
Test of the longterm trend line and defense of support on GBPJPY.
GBPJPY is moving in an upward trend since the beginning of 2012. Although for the last 10 weeks GBPJPY did not break the peaks, but the upward trend is not compromised. Last Friday the bears were able to breach out of the channel bottom (interval H4) in which GBPJPY moved for 1.5 weeks. The result was yesterday's downward dynamic movement, which led price below July's support. Bulls, quickly began to buy and on the chart pemained only a long lower shadow.
The current weekly candle has supported the upward trend line and is the third test of this line of 2012. The resistance that stopped move up at the level 195.00 was created in the years 2005, 2008 and it is the first serious test for the bulls since 2013.
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