Technical analysis of GBP/JPY for Feburary 10, 2014
February 11, 2014 8:05 am
Overview:
GBP/JPY is expected to trade in higher range.It is underpinned by the positive investor risk appetite and demand from Japan importers. But EUR/JPY gains are tempered by the Japan exporter sales. Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting.
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. Short position is recommended with the first target at 168.45 in mind. A breach of this target will move the pair further downwards to 169.05. The pivot point stands at 167.15. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 166.25 and the second target at 165.
Resistance levels:
168.45
169.05
170
Support levels:
166.25
165
164
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is expected to trade in higher range.It is underpinned by the positive investor risk appetite and demand from Japan importers. But EUR/JPY gains are tempered by the Japan exporter sales. Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting.
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. Short position is recommended with the first target at 168.45 in mind. A breach of this target will move the pair further downwards to 169.05. The pivot point stands at 167.15. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 166.25 and the second target at 165.
Resistance levels:
168.45
169.05
170
Support levels:
166.25
165
164
The material has been provided by InstaForex Company – www.instaforex.com
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