Technical analysis of GBP/JPY for February 2, 2018


Our first upside target which we predicted in yesterday’s analysis has been hit. GBP/JPY is expected to trade with a bullish outlook. The pair is clearly in an up-trend, backed by its rising trend line. A strong support base has formed around 136.00, which should limit any downside room. Besides, the relative strength index is bullish, and calls for a new rise.

To conclude, as long as 155.70 holds on the downside, look for a new bounce to 157.00 and 157.70 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a Short position is recommended to be below 155.70 with the target at 155.20.

Strategy: BUY, Stop loss at 155.70, Take profit at 157.00

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 point, 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: 157.00, 157.70, and 158.15

Support levels: 155.20, 154.60, and 154.00.

The material has been provided by InstaForex Company –

Source:: Technical analysis of GBP/JPY for February 2, 2018

Won't your trader friends like this?
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

Leave a Reply