Technical analysis of GBP/JPY for July 31, 2015
July 31, 2015 10:40 amVideo
Latest News
- Trading plan for GBP/USD on April 22. Simple tips for beginners April 22, 2024
- Trading plan for EUR/USD on April 22. Simple tips for beginners April 22, 2024
- Forecast for EUR/USD on April 22, 2024 April 22, 2024
- Forecast for GBP/USD on April 22, 2024 April 22, 2024
- Forecast for AUD/USD on April 22, 2024 April 22, 2024
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
GBP/JPY is expected to trade in a lower range. The pair is reversing down after breaking below its previous support at 193.90, which also capped the pair’s bounce yesterday. The declining 50-period intraday MA maintains a bearish bias. The intraday RSI is below 50 and losing its upward momentum. The first downside target is seen at the horizontal support and overlap at 193. A break below this level would open the way towards 192.45.
Technical comment:
RSI is below 50 suffering the lack of upward momentum
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 193. A break of that target will move the pair further downwards to 192.45. The pivot point stands at 193.90. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 194.60 and the second target at 195.20.
Resistance levels: 194.60 195.20 196
Support levels: 193 192.45 192
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: