For Traders

Analytical Reviews

Technical analysis

16.06.201713:47 Forex Analysis & Reviews: Technical analysis of GBP/JPY for June 16, 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 move higher and continue the rebound . The pair bounced off its support at 122.35 last night, and is expected to post a new rebound. As both the 20-period and 50-period moving averages are turning up, they should continue to push the prices higher. In addition, the nearest support at 123.10 should also limit any downward attempts. The relative strength index is bullish and calls for further upside.

Hence, as long as 141.00 is support, we expect for an advance to 142.75 and 143.35 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 141.00 with targets at 142.75 and 141.80.

Chart Explanation: The black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the short position. 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.

Strategy: BUY, Stop Loss: 141.00, Take Profit: 142.75

Resistance levels: 142.75, 143.35, and 144.00

Support levels: 140.35,139.85, and 139

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.