Technical analysis of GBP/JPY for November 23, 2017


Our first target which we predicted in yesterday’s analysis has been hit. GBP/JPY is expected to trade with a bearish outlook. The pair remains on the downside while being capped by a bearish trend line drawn from November 21. In fact, the descending 20-period moving average is also restricting any further upside potential of the pair. Currently, the pair keeps testing the lower Bollinger band, suggesting possible acceleration to the downside.

A break below the immediate support at 147.90 would trigger a further drop toward 147.60. Key resistance is located at 148.75.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.75 with the target at 149.05.

Strategy: SELL, Stop Loss: 148.75, Take Profit: 147.90

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: 149.05, 149.35, and 149.90

Support levels: 147.90, 147.60, and 147

The material has been provided by InstaForex Company –

Source:: Technical analysis of GBP/JPY for November 23, 2017

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