Technical analysis of GBP/JPY for January 18, 2017
January 18, 2017 9:57 am
GBP/USD is expected to trade with a bullish bias. The pair broke above its 20-period and 50-period moving averages, which play support roles now, and accelerated on the upside. The relative strength index is bullish above its neutrality level at 50 and lacks downward momentum. As long as 138.55 is support, look for a further upside toward 1.2430 and even 140 in extension.
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 136.60. A break below this target will move the pair further downwards to 135.00. The pivot point stands at 138.00. 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 138.45 and the second one at 139.00.
Resistance levels: 138.45, 139.00, 139.75
Support levels: 136.60, 136, 135.30
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/USD is expected to trade with a bullish bias. The pair broke above its 20-period and 50-period moving averages, which play support roles now, and accelerated on the upside. The relative strength index is bullish above its neutrality level at 50 and lacks downward momentum. As long as 138.55 is support, look for a further upside toward 1.2430 and even 140 in extension.
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 136.60. A break below this target will move the pair further downwards to 135.00. The pivot point stands at 138.00. 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 138.45 and the second one at 139.00.
Resistance levels: 138.45, 139.00, 139.75
Support levels: 136.60, 136, 135.30
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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