Technical analysis of GBP/JPY for January 31, 2018
January 31, 2018 12:21 pm
Our first upside target which we predicted in yesterday’s analysis has been hit. The pair turned bearish as the prices broke below the rising trend line. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is calling for a drop.
Therefore, below 154.45, look for a new decline with targets at 153.20 and 152.80 in extension
Alternatively, if the price moves in the direction opposite to the forecast, a LONG position is recommended above 154.45 with the target at 155.
Strategy: SELL, Stop loss at 154.45, Take profit at 153.20
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: 155.00, 155.85, and 156.35
Support levels: 153.20, 152.80, and 152.40.
The material has been provided by InstaForex Company – www.instaforex.com
Our first upside target which we predicted in yesterday’s analysis has been hit. The pair turned bearish as the prices broke below the rising trend line. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is calling for a drop.
Therefore, below 154.45, look for a new decline with targets at 153.20 and 152.80 in extension
Alternatively, if the price moves in the direction opposite to the forecast, a LONG position is recommended above 154.45 with the target at 155.
Strategy: SELL, Stop loss at 154.45, Take profit at 153.20
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: 155.00, 155.85, and 156.35
Support levels: 153.20, 152.80, and 152.40.
The material has been provided by InstaForex Company – www.instaforex.com
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