Technical analysis of GBP/JPY for April 18, 2017
April 18, 2017 7:23 amVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
GBP/JPY is expected to trade in higher range and continue its rebound. The pair has broken above its negative trend line, as well as both 20-period and 50-period moving average, and is expected to continue its technical rebound. Meanwhile, the 20-period moving average stays above the 50-period one, and the relative strength index remains above its neutrality area at 50. The intraday bias remains positive.
As long as 136.60 is not broken down, further bounce is preferred with 136.30 and 135.95 as targets.
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 137.75 and the second one at 138.35. In the alternative scenario, short positions are recommended with the first target at 136.30 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 135.95. The pivot point is at 136.60.
Resistance levels: 137.75, 138.35, and 138.75
Support levels: 136.30,135.95, and 135.25
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: