Overview: GBP/JPY is trading in a lower range. It is undermined by positions adjustment before tomorrow’s U.S. FOMC monetary policy decision; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics is bearish and near overbought.
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 156.55 in view; a breach of this target will move the pair further downwards to 156.15. The pivot point stands at 157.45. 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 157.9 and the second target at 158.3.
Support levels: 156.55 156.15 155.5
Resistance levels: 157.9 158.3 158.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is trading in a lower range. It is undermined by positions adjustment before tomorrow’s U.S. FOMC monetary policy decision; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics is bearish and near overbought.
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 156.55 in view; a breach of this target will move the pair further downwards to 156.15. The pivot point stands at 157.45. 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 157.9 and the second target at 158.3.
Support levels:
156.55
156.15
155.5
Resistance levels:
157.9
158.3
158.9
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: