Overview: The GBP/JPY is to trade in higher range. Buoyed by positive global risk sentiment; Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart mixed as bullish outside-day-range pattern completed Wednesday, five-day moving average above 15-day MA and advancing, stochastics bullish; but MACD still in bearish mode.
Trading recommendations: The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with the first target at 154.2 and the second target at 154.85. You should keep in view short position below the pivot keep of the first target at 151.95, the breach of this target will move the pair downward further and expect the second target at 151.5. The pivot point stands at 152.7.
Overview:
The GBP/JPY is to trade in higher range. Buoyed by positive global risk sentiment; Bank of Japan’s aggressive easing measures to help reach its 2% inflation target; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart mixed as bullish outside-day-range pattern completed Wednesday, five-day moving average above 15-day MA and advancing, stochastics bullish; but MACD still in bearish mode.
Trading recommendations:
The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with the first target at 154.2 and the second target at 154.85. You should keep in view short position below the pivot keep of the first target at 151.95, the breach of this target will move the pair downward further and expect the second target at 151.5. The pivot point stands at 152.7.
Resistance levels:
R1 – 154.2
R2 – 154.85
R3 – 155.24
Support levels:
S1 – 151.95
S2 – 151.5
S3 – 11151
The material has been provided by InstaForex Company – www.instaforex.com
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