Technical analysis of GBP/JPY for February 5, 2018
February 5, 2018 8:21 am
GBP/JPY is under pressure. The pair retreated from 156.60 and broke below its 20-period and 50-period moving averages. In addition, the 20-period moving average is turning down. The relative strength index is capped by a declining trend line since February 2.
Therefore, below 156, look for a further decline with targets at 156.650 and 157 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a Long position is recommended to be above 156.00 with the target at 156.60.
Strategy: SELL, Stop loss at 156.00, Take profit at 154.60
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 156.60, 157.00, and 157.45
Support levels: 154.60, 154.10, and 153.70.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/JPY is under pressure. The pair retreated from 156.60 and broke below its 20-period and 50-period moving averages. In addition, the 20-period moving average is turning down. The relative strength index is capped by a declining trend line since February 2.
Therefore, below 156, look for a further decline with targets at 156.650 and 157 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a Long position is recommended to be above 156.00 with the target at 156.60.
Strategy: SELL, Stop loss at 156.00, Take profit at 154.60
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 156.60, 157.00, and 157.45
Support levels: 154.60, 154.10, and 153.70.
The material has been provided by InstaForex Company – www.instaforex.com
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