Technical analysis of GBP/JPY for January 09, 2018
GBP/JPY is under pressure and expected to trade with bearish outlook. The pair recorded lower tops and lower bottoms , which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index lacks upward momentum.
To conclude, as long as 153.00 is resistance, expect a new test with targets at 151.75 and 151.50 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 152.90 with the target at 152.50
Strategy: Sell, stop loss at 153.00, take profit at 151.75
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 153.65, 153.85, and 155.
Support levels: 151.75, 151.50, and 151.00The material has been provided by InstaForex Company - www.instaforex.com
Latest News & Daily Analysis
- Saudi Arabia will significantly reduce the supply of oil to the United States
- The gold is getting cheaper, and the dollar is rising ahead of the Fed meeting
- The dollar wipes nose to skeptics
- What will drive oil refineries in early 2019?
- The oil market is in lull, waiting for new drivers
- Europe said no: pound ends the week on a minor note
- Simplified wave analysis of GOLD for December 14
- Simplified wave analysis of EUR / JPY pair for the week of December 14
- The gold rally will last until the end of December - opinion
- Indicator analysis. The daily review of the currency pair GBP / USD for December 14, 2018.