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19.10.201714:31 Forex Analysis & Reviews: Technical analysis of GBP/JPY for October 19, 2017

Long-term review

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Our both targets which we predicted in yesterday's analysis have been hit. After hitting 149.30, the price turned down sharply and now it is expected to continue its downside movement. The pair is expected to continue its sharp decline toward the support at 147.80 while being supported by the descending 20-period moving average.

As intraday bearishness is maintained by well-directed technical indicator (20-period, 50-period moving averages, and relative strength index), the pair is expected to target 147.40 upon reaching 147.80.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 149.05 with the target at 149.40.

Strategy: SELL, Stop Loss: 149.05, Take Profit: 147.80

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 points, 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: 149.40, 149.75 and 150.35

Support levels: 147.80, 147.40, and 146.80

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