FX.co ★ Short term forecast and intra week recommendations on GBP/JPY for August 19, 2014

General overview for 19/08/2014 09:20 CET

The corrective structure in wave -ii- might get more complex as there is not much of an impulsive bullish wave development yet. Please, keep an eye on the grey rectangular zone between the levels of 1.0858 - 1.0873 as this is the main demand zone for intraday traders. The key level remains the same as yesterday and the mid-term outlooks is bullish.

Support/Resistance:

1.0785 - WS2

1.0826 - WS1

1.0857 - Impulsive Count Invalidation Line

1.0873 - Intraday Support

1.0901 - Weekly Pivot

1.0917 - Intraday Resistance

1.0942 - WR1

1.0951 - Key Level for Bears

1.0985 - Swing High

Trading recommendations:

The buy orders form yesterday with SL below the level of 1.0857 and TP above the level of 1.0985 are still open.