Overview: GBP/JPY is trading in higher range. The rate is buoyed by positive investor risk appetite; improved euro sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold.
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 158.9 and the second target at 159.35. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 157.2, the breach of this target will move the pair further downwards and one may expect the second target at 156.65. The pivot point stands at 157.65.
Resistance levels: 158.9 159.35 159.75 Support levels:
157.2 156.65 156.15
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is trading in higher range. The rate is buoyed by positive investor risk appetite; improved euro sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold.
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 158.9 and the second target at 159.35. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 157.2, the breach of this target will move the pair further downwards and one may expect the second target at 156.65. The pivot point stands at 157.65.
Resistance levels:
158.9
159.35
159.75
Support levels:
157.2
156.65
156.15
The material has been provided by InstaForex Company – www.instaforex.com
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