07.12.201610:22 Forex Analysis & Reviews: Technical analysis of GBP/JPY for December 07, 2016

Long-term review

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GBP/JPY is under pressure. The technical picture of GBP/JPY is negative. The pair is trading below its 50-period moving average, which plays a resistance role. Additionally, the 20-period moving average crossed below the 50-period one, which is negative. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 146 holds on the upside, look for a further drop toward 143.45 and even 142.70 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 143.45. A break below this target will move the pair further downwards to 142.40. The pivot point stands at 146.00. In case the price moves in the opposite direction and bounces back from the support level, it will go above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 146.70 and the second one at 148.

Resistance levels: 146.70, 148, 149

Support levels: 143.45, 142.70, 142

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