MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of GBP/JPY for Feburary 18, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is underpinned by the improved EUR sentiment after reports that Greece will ask for a loan-agreement extension on Wednesday, receding risk aversion and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. The sterling sentiment is dented by drop in U.K. annual CPI to more-than-50-year low of +0.3% in January from +0.5% in December (in line with the forecast).


Technical comment:
The daily chart is mixed as bullish outside-day-range pattern was completed on Tuesday, MACD is bullish but stochastics is bearish near overbought levels.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 183.65 and the second target at 184.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.25. A break of this target would push the pair further downwards, and one may expect the second target at 180.90. The pivot point is at 182.


Resistance levels:

183.65

184.20

184.95


Support levels:

181.25

180.90

180.15


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