23.03.201712:27 Forex Analysis & Reviews: Technical analysis of GBP/JPY for March 23, 2017

Long-term review

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GBP/JPY is expected to trade with bearish outlook as the key resistance at 139.35. The pair has been capped by its descending 50-period moving average and remains on the downside. Meanwhile, the 20-period moving average is still below the 50-period moving average, and the relative strength index is around its neutrality area at 50, lacking upward momentum. The intraday trend remains negative.

As long as 139.35 holds as the key resistance, expect a break below the nearest support at 138.25 at first. A break below 138.25 allows for the further drop to 137.75 as likely.

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 138.25. A break below this target will move the pair further downwards to 137.75. The pivot point stands at 139.35. If 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. According to that scenario, long positions are recommended with the first target at 139.80 and the second one at 140.20.

Resistance levels: 139.80, 140.20, and 140.50

Support levels: 138.25,137.75, and 137.00

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