Technical analysis of GBP/JPY for January 16, 2014
January 16, 2014 10:15 am
Overview:
GBP/JPY is expected to trade with risks skewed higher. It is supported by positive investor risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.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 172.1 and the second target at 173 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.7.A breach of this target will move the pair further downwards and one may expect the second target at 169.1. The pivot point stands at 170.7.
Resistance levels:
172.1
173
174.85
Support levels:
169.7
169.1
168.35
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
GBP/JPY is expected to trade with risks skewed higher. It is supported by positive investor risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.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 172.1 and the second target at 173 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.7.A breach of this target will move the pair further downwards and one may expect the second target at 169.1. The pivot point stands at 170.7.
Resistance levels:
172.1
173
174.85
Support levels:
169.7
169.1
168.35
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: