Technical analysis of GBP/JPY for January 09, 2014
January 9, 2014 2:15 pm
Overview:
GBP/JPY is trading in a higher range. It is undermined by decreased investor risk appetite; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are in the bearish mode; the five-day moving average is below 15-day MA and declining.В
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 173.1 and the second target at 173.8 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.15. The breach of this target will move the pair further downwards and one may expect the second target at 170.4. The pivot point stands at 171.7.В
Resistance levels:
173.1
173.8
174.5
Support levels:
171.15
170.4
169.35
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is trading in a higher range. It is undermined by decreased investor risk appetite; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are in the bearish mode; the five-day moving average is below 15-day MA and declining.В
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 173.1 and the second target at 173.8 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.15. The breach of this target will move the pair further downwards and one may expect the second target at 170.4. The pivot point stands at 171.7.В
Resistance levels:
173.1
173.8
174.5
Support levels:
171.15
170.4
169.35
The material has been provided by InstaForex Company – www.instaforex.com
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