Technical analysis of GBP/JPY for January 14, 2014
January 14, 2014 11:15 am
Overview:В
GBP/JPY is expected to trade in higher range. It is undermined by the increased investor risk aversion and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish, although latter at oversold zone, five-day moving average is below the 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 170.85 and the second target at 171.65 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.05.A 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.
Resistance levels:В
170.85
171.65
172.45
Support levels:В
169.05
168.35
167.65
The material has been provided by InstaForex Company – www.instaforex.com
Overview:В
GBP/JPY is expected to trade in higher range. It is undermined by the increased investor risk aversion and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish, although latter at oversold zone, five-day moving average is below the 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 170.85 and the second target at 171.65 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.05.A 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.
Resistance levels:В
170.85
171.65
172.45
Support levels:В
169.05
168.35
167.65
The material has been provided by InstaForex Company – www.instaforex.com
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