Technical analysis of GBP/JPY for Feburary 02, 2017
February 2, 2017 10:17 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Monday May 27 2024. May 27, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Currency Pairs, Monday May 27 2024. May 27, 2024
- Weekly Technical Outlook: 27/05/2024 – USDJPY, EURUSD, AUDUSD May 27, 2024
- Forex forecast 05/27/2024: EUR/USD, GBP/USD, USD/JPY, USD/CAD and Bitcoin from Sebastian Seliga May 27, 2024
- In the thick of things: inflation in the West and financial news from the East May 27, 2024
- USD/JPY: trading tips for beginners for European session on May 27 May 27, 2024
- GBP/USD: trading tips for beginners for European session on May 27 May 27, 2024
- EUR/USD: trading tips for beginners for European session on May 27 May 27, 2024
- Technical Analysis – EURUSD ticks up before testing descending trendline May 27, 2024
- EUR/USD and GBP/USD: Technical analysis on May 27 May 27, 2024
- Forecast for EUR/USD on May 27, 2024 May 27, 2024
- Forecast for GBP/USD on May 27, 2024 May 27, 2024
- Forecast for USD/JPY on May 27, 2024 May 27, 2024
- Trading plan for GBP/USD on May 27. Simple tips for beginners May 27, 2024
- Trading plan for EUR/USD on May 27. Simple tips for beginners May 27, 2024
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
GBP/JPY is expected to advance further. The pair is holding on the upside and is trading above its rising 20-period and 50-period moving averages, which are playing support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 142.00 represents a significant key support level, which should limit the downside potential. As long as this key level is support, look for a further rise to 143.50 and even 144.15 in extension.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 143.50 and the second one at 144.15. In the alternative scenario, short positions are recommended with the first target at 141.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 140.75. The pivot point is at 142.00.
Resistance levels: 143.50, 144.15, 144.80
Support levels: 141.60, 140.75,140.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: