FX.co ★ Intraday trading recommendations on GBP/JPY for August 21, 2014

The pair touched the 100DMA in yesterday's session and closed next to it. In today's session, the pair breached the 100DMA and 38.2 correction fib level, but rejected from there and hit downside support at 20DSma and 172.20, trading at the 172.07 levels. On the down side, it has support at the 171.60 level.

Support 170.73

Resistance 172.61

The prices are closed and trading above 12ema. The prices gave an upside breakout from a 20-day descending trend line. It has a parallel resistance at 172.65 above this, it can fly up to the 172.90 and 173.50 levels. We recommend buying only above the 172.65 levels. On the down side, it has support at the 171.78, 171.55 and 171.35 levels.