For Traders

Analytical Reviews

Technical analysis

21.11.201713:39 Forex Analysis & Reviews: Technical analysis of GBP/JPY for November 21, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/JPY is expected to trade with bullish outlook. The pair formed an intraday "V-bottom" pattern, and now stands above its 50-period moving average, which is turning up. The relative strength index has broken above a falling trend line and calls for further advance. In addition, a strong support base at 148.40 has formed and has allowed for a stabilization.

To sum up, above 148.40, look for further advance to 149.45 and 149.80 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 148.40 with the target at 149.45.

Strategy: BUY, Stop Loss: 148.40, Take Profit: 149.45

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: 149.45, 149.80 and 150.35

Support levels: 148.00, 147.60, and 147.00

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.