GBP/JPY is expected to trade in a lower range as the key resistance is set at 139.25. The pair is under pressure below the key resistance level at 139.25, which should limit the upside potential. The descending 50-period moving average suggests that the price still has potential for a further downside. The relative strength index is shifted to bearish.
As long as 139.25 holds on the upside, a further drop to 138.15 and even to 137.80 seems more likely to occur.
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 138.15. A break below this target will move the pair further downwards to 137.80. The pivot point stands at 139.25. 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 139.65 and the second one at 140.00.
Resistance levels: 139.65, 140.00, and 140.80
Support levels: 138.15,137.80, and 137.00
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/JPY is expected to trade in a lower range as the key resistance is set at 139.25. The pair is under pressure below the key resistance level at 139.25, which should limit the upside potential. The descending 50-period moving average suggests that the price still has potential for a further downside. The relative strength index is shifted to bearish.
As long as 139.25 holds on the upside, a further drop to 138.15 and even to 137.80 seems more likely to occur.
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 138.15. A break below this target will move the pair further downwards to 137.80. The pivot point stands at 139.25. 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 139.65 and the second one at 140.00.
Resistance levels: 139.65, 140.00, and 140.80
Support levels: 138.15,137.80, and 137.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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