Technical analysis of GBP/JPY for December 19, 2017


GBP/JPY is expected to trade with Bullish bias above 149.85. Despite the recent pullback from 149.85, the pair is still trading above the key support at 132.45, which should maintain the buying interest. The relative strength index lacks downward momentum.

To conclude, as long as 149.85 holds on the downside, look for a rebound to 151.05. A break above this level would trigger another rise to 151.50.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.85 with the target at 149.40

Strategy: BUY, Stop Loss: 149.85, Take Profit: 151.05

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: 151.05, 151.50, and 152.10

Support levels: 149.40, 149.00, and 148.50

The material has been provided by InstaForex Company –

Source:: Technical analysis of GBP/JPY for December 19, 2017

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply