15.12.201414:15 Forex Analysis & Reviews: Technical analysis of GBP/JPY for December 15, 2014

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.

Fundamental overview:
GBP/JPY is expected to trade with risks skewed downside. It is undermined by the weaker USD/JPY undertone, Japan's export sales and increased risk aversion. But GBP/JPY losses are tempered by the demand from Japan's importer==s.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.

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 184.95. A break of this target will move the pair further downward to 184. The pivot point stands at 187.10. 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. In that scenario, a long position is recommended with the first target at 187.80 and the second target at 188.40.

Resistance levels:
187.90
188.40
189

Support levels:
184.95
184
183.35

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.