Overview: GBP/JPY is consolidating with bullish bias. It is undermined by weak euro sentiment; reduced investor risk appetite; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers; positions adjustment before Japan long weekend. Daily chart is negative-biased as MACD and stochastics turned bearish; bearish parabolic stop-and-reverse signal was hit Thursday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 157.9 and the second target at 158.25. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 156.55, the breach of this target will move the pair further downwards and one may expect the second target at 156.15. The pivot point stands at 157.25.
Resistance levels: 157.9 158.25 158.7
Support levels: 156.55 156.15 155.75
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is consolidating with bullish bias. It is undermined by weak euro sentiment; reduced investor risk appetite; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers; positions adjustment before Japan long weekend. Daily chart is negative-biased as MACD and stochastics turned bearish; bearish parabolic stop-and-reverse signal was hit Thursday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 157.9 and the second target at 158.25. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 156.55, the breach of this target will move the pair further downwards and one may expect the second target at 156.15. The pivot point stands at 157.25.
Resistance levels:
157.9
158.25
158.7
Support levels:
156.55
156.15
155.75
The material has been provided by InstaForex Company – www.instaforex.com
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