Technical analysis of GBP/JPY for May 9, 2017

GBP/JPY is expected to continue its upside movement. The pair remains above both 20-period and 50-period moving averages, and is likely to continue its rebound. And the relative strength index is still above its neutrality area at 50, and is positively oriented.

As long as 146.10 is not broken down, a further advance is preferred with 146.85 and 147.20 as targets.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 146.85 and the second one at 147.20. In the alternative scenario, short positions are recommended with the first target at 145.70 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 145.15. The pivot point is at 146.10.

Resistance levels: 146.85, 147.20, and 147.65

Support levels: 145.70,145.15, and 144.85

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of GBP/JPY for May 9, 2017