Overview: GBP/JPY is consolidating with bearish bias. EUR/JPY is supported by positive investor risk sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is positive-biased as MACD & stochastics are bullish, although the latter is at overbought; the 5-day moving average is above the 15-day MA and 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 156.9 in view; a breach of this target will move the pair further downwards to 156.55. The pivot point stands at 157.85. 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 158.25 and the second target at 158.8.
Support levels: 156.9 156.55 156.15
Resistance levels: 158.25 158.8 159.35
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is consolidating with bearish bias. EUR/JPY is supported by positive investor risk sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is positive-biased as MACD & stochastics are bullish, although the latter is at overbought; the 5-day moving average is above the 15-day MA and 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 156.9 in view; a breach of this target will move the pair further downwards to 156.55. The pivot point stands at 157.85. 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 158.25 and the second target at 158.8.
Support levels:
156.9
156.55
156.15
Resistance levels:
158.25
158.8
159.35
The material has been provided by InstaForex Company – www.instaforex.com
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