Technical analysis of GBP/JPY for January 07, 2014
January 7, 2014 4:15 pm
Overview: GBP/JPY will trade with bullish bias undermined by weaker USD/JPY undertone and Japan exporter sales. But GBP/JPY losses were tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish; five-day moving average is falling below 15-day MA.
Trading recommendation:
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 172.15 and the second target at 172.75 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.35. The breach of this target will move the pair further downwards and one may expect the second target at 168.35. The pivot point stands at 170.4.
Resistance levels: 172.15 172.75 173.8
Support levels: 169.35 168.35 167.45
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY will trade with bullish bias undermined by weaker USD/JPY undertone and Japan exporter sales. But GBP/JPY losses were tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish; five-day moving average is falling below 15-day MA.
Trading recommendation:
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 172.15 and the second target at 172.75 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.35. The breach of this target will move the pair further downwards and one may expect the second target at 168.35. The pivot point stands at 170.4.
Resistance levels:
172.15
172.75
173.8
Support levels:
169.35
168.35
167.45
The material has been provided by InstaForex Company – www.instaforex.com
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