Technical analysis of GBP/JPY for March 20, 2015
March 20, 2015 7:50 amVideo
Latest News
- A chance for the kiwi. Overview of NZD/USD May 29, 2024
- Analysis of GBP/USD pair on May 28, 2024 May 28, 2024
- EUR/USD: What could stop the growth of the euro? A hypothesis May 28, 2024
- Inflation expectations in eurozone downgraded May 28, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 28-30, 2024: sell below $69,000 (21 SMA – 200 EMA) May 28, 2024
- Technical Analysis – EURUSD sets sight on 1.0900 handle May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th (US Session) May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th (US session) May 28, 2024
- GBP/USD: trading plan for the US session on May 28th (analysis of morning deals). The pound hit a new monthly high May 28, 2024
- EUR/USD: trading plan for the US session on May 28th (analysis of morning deals) May 28, 2024
- USD/JPY: trading tips for beginners for European session on May 28 May 28, 2024
- Forex forecast 05/28/2024: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin from Sebastian Seliga May 28, 2024
- EUR/USD. May 28th. The bulls intend to reach the level of 1.1000 May 28, 2024
- Trading plan for EUR/USD on May 28. Simple tips for beginners May 28, 2024
- GBP/USD. May 28th. The pound sees no reason to stop at its current level May 28, 2024
- USD/JPY: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Video market update for May 28, 2024 May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Low volatility across the board besides Bitcoin – Volatility Watch May 28, 2024
Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the diminished investor risk appetite, soft undertone EUR/USD, and Japan export sales. But GBP/JPY losses are tempered by the demand from Japan importers and position adjustment ahead of weekend. The sterling got hurt after Bank of England’s chief economist Andrew Haldane said that the BOE “stands ready” to cut interest rates if needed to tackle low inflation.
Technical comment:
The daily chart is mixed as stochastic is rising from oversold levels, but the MACD is still in bearish mode.
Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 180.80 and the second target at 181.80. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.10. A break of this target would push the pair further downwards, and one may expect the second target at 176.15. The pivot point is at 178.55.
Resistance levels:
180.80
181.80
182.75
Support levels:
177.10
176.15
175.35
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: