Technical analysis of GBP/JPY for February 8, 2018
February 8, 2018 3:21 pmVideo
Latest News
- The euro did not understand the Fed’s signals May 3, 2024
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
All our targets which we predicted in the previous analysis have been hit. GBP/JPY is expected to trade with a bullish outlook. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintains the bullish bias. The relative strength index is supported by an ascending trend line.
Therefore, as long as 151.85 is not broken, look for a further advance with targets at 154.60 and 155.40 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 151.85 with the target at 151.25.
Strategy: BUY, Stop loss at 151.85, 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: 154.60, 155.40, and 156.00
Support levels: 151.25, 150.40, and 149.65.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: