Technical Analysis – GBPJPY downward bias
Posted on August 26, 2014 at 9:49 am GMTGBPJPY has begun a downtrend after peaking at a more-than-5-year high of 175.34 on July 3. Prices have formed lower highs and lower lows, trading below the downtrend line. The market is capped by the lower Ichimoku cloud and resistance at the August 7 high of 172.60. Support is provided by the 200-day moving average at 170.41. Near-term support is seen at 171.60, the August 22 low. RSI has just crossed below the 50 line and MACD is negative, implying [..]