Technical analysis of GBP/JPY for June 07, 2017
June 7, 2017 2:02 pmVideo
Latest News
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
Yesterday, GBP/JPY moved lower as predicted. Today, the pair is making rebound from its support of 140.70 and expected to continue its rebound. The pair is expected to trade with a bullish bias above 140.70. The pair is trading above the rising 50-period moving average, which plays a support role and maintain the upside bias. The relative strength index is above its neutrality level at 50. The key support at 140.70 should limit the downside potential.
To conclude, as long as this key level is not broken, a rebound to 142.45 and even to 142.78 seems more likely to occur.
At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 142.45 and the second one at 142.78. In the alternative scenario, short position is recommended with the first target at 140.30 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 139.95. The pivot point lies at 140.70.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy : BUY at dips, Stop Loss: 140.70, Take Profit: 142.45
Resistance levels: 142.45, 142.78, and 143.35
Support levels: 140.30,139.95, and 139.50
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: