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 May 12, 2015

GBPJPYM30.png

Fundamental outlook:
GBP/JPY is expected to consolidate with bullish bias. It is supported by the buoyant GBP/USD undertone. Upside, GBP/JPY is limited by the flows to haven yen amid increased risk aversion and sell-euro orders from Japan exporters. But sterling sentiment is dented by the worse-than-expected drop in UK CIPS / Markit construction PMI to 54.2 in April from 57.8 in March (versus forecast 57.5). GBP/JPY is also limited by the uncertainty over the outcome of Thursday's UK general election, increased risk aversion, and sterling sales on buoyant EUR/GBP cross.`

Technical comment:
The aily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is bearish at overbought levels.

Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 189.20 and the second target at 189.75. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184.55. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.80. The pivot point is at 186.

Resistance levels:
189.20
189.75
190.35

Support levels:
184.55
183.80
183

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