Technical analysis of GBP/JPY for January 10, 2014
January 10, 2014 12:45 pm
Overview:
GBP/JPY is consolidating as markets await U.S. nonfarm payrolls report. GBP/JPY is undermined by Japan exporter sales. But GBP/JPY downside is limited by buoyant EUR/USD undertone; demand from Japan importers; positions adjustment before weekend. Daily chart is mixed as MACD bearish, but stochastics is turning bullish near oversold area.
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 171.7. The breach of this target will move the pair further downwards and one may expect the second target at 171.15. The pivot point stands at 172.2.
Resistance levels:
173.1
173.8
174.5
Support levels:
171.7
171.15
170.4В
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is consolidating as markets await U.S. nonfarm payrolls report. GBP/JPY is undermined by Japan exporter sales. But GBP/JPY downside is limited by buoyant EUR/USD undertone; demand from Japan importers; positions adjustment before weekend. Daily chart is mixed as MACD bearish, but stochastics is turning bullish near oversold area.
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 171.7. The breach of this target will move the pair further downwards and one may expect the second target at 171.15. The pivot point stands at 172.2.
Resistance levels:
173.1
173.8
174.5
Support levels:
171.7
171.15
170.4В
The material has been provided by InstaForex Company – www.instaforex.com
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