Overview: GBP/JPY is trading in a lower range. It is undermined by negative risk sentiment; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought; the 5- and 15-day moving averages are advancing.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 167.75 in view; a breach of this target will move the pair further downwards to 167.2. The pivot point stands at 169.35. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 170.05 and the second target at 170.8.
Resistance levels: 167.75 167.2 166.85 Support levels: 170.05 170.8 171.35
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is trading in a lower range. It is undermined by negative risk sentiment; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought; the 5- and 15-day moving averages are advancing.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 167.75 in view; a breach of this target will move the pair further downwards to 167.2. The pivot point stands at 169.35. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 170.05 and the second target at 170.8.
Resistance levels:
167.75
167.2
166.85
Support levels:
170.05
170.8
171.35
The material has been provided by InstaForex Company – www.instaforex.com
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