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Technical analysis of GBP/JPY for January 10, 2017

GBPJPYM30.png

GBP/JPY is under pressure. The pair broke above its 20-period moving average but is still trading below the declining 50-period one, which is still playing a resistance role and maintains the downside bias. The relative strength index is around its neutrality level at 50. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited. As long as 141.65 is resistance, the pair is likely to return to its previous low at 139.85. A break below this level would call for a further drop toward 139.10.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 139.85. A break below this target will move the pair further downwards to 139.10. The pivot point stands at 141.65. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 142.45 and the second one at 143.00.

Resistance levels: 142.45, 143.00, 143.75

Support levels: 139.85, 139.10, 138.45

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