Technical analysis of GBP/JPY for September 06, 2017

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Our all targets which we predicted in our previous analysis has been hit. The pair accelerated on the downside last night, capped by its falling 20-period and 50-period moving averages. The process of lower highs and lows remains intact, which should confirm a negative intraday outlook. Additionally, the relative strength index is mixed to bearish below its neutrality area at 50.

Hence, as long as 142.20 is resistance, likely decline to 141.35 and 141.10 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended below 142.20 with the target at 141.35.

Strategy: SELL, Stop Loss: 142.20, Take Profit: 141.35.

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a short position. 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: 142.50, 143.00, and 143.75

Support levels: 141.35, 141.10, and 140.50

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

Source:: Technical analysis of GBP/JPY for September 06, 2017

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