Technical analysis of GBP/JPY for January 23, 2017
January 23, 2017 11:17 am
GBP/JPY is under pressure. The pair has broken below its 20-period and 50-period moving averages, and remains on the downside. Meanwhile, the relative strength index has been capped by a negative trend line. As long as 141.90 holds as the key resistance, the risk of a break below 140.50 is high.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 140.50. A break below this target will move the pair further downwards to 140.05. The pivot point stands at 141.90. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 142.65 and the second one at 143.20.
Resistance levels: 142.65, 143.20, 143.75
Support levels: 140.50, 140.05, 139.15
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/JPY is under pressure. The pair has broken below its 20-period and 50-period moving averages, and remains on the downside. Meanwhile, the relative strength index has been capped by a negative trend line. As long as 141.90 holds as the key resistance, the risk of a break below 140.50 is high.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 140.50. A break below this target will move the pair further downwards to 140.05. The pivot point stands at 141.90. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 142.65 and the second one at 143.20.
Resistance levels: 142.65, 143.20, 143.75
Support levels: 140.50, 140.05, 139.15
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: