Technical analysis of GBP/JPY for December 07, 2017
GBP/JPY is expected to trade with a bullish outlook as the key support holds at 150.10. The pair is standing firmly above its horizontal support at 150.10, which should limit any downward attempts. The relative strength index is mixed to bullish, calling for caution. Therefore, the pair is more likely to trade sideways within the range between 150.10 and 151.85.
A technical rebound is expected towards 151.85, as long as 150.10 is not broken.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.10 with the target at 149.70
Strategy: BUY, Stop Loss: 150.10, Take Profit: 151.85
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: 151.85, 152.40, and 153
Support levels: 149.70, 149.15, and 148.30
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Technical analysis of GBP/JPY for December 07, 2017