Technical analysis of GBP/JPY for July 10, 2017


Our target which we set on 6th July has been hit and the pair is expected to follow its upside movement. The pair remains supported by both 20-period and 50-period moving averages, and is looking for a higher top. The 20-period moving average stands firmly above the 50-period moving average, and the relative strength index is also above its neutrality area at 50.

As long as 146.45 is not broken down, a further advance is preferred with 147.60 and 148.00 as targets.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 146.45 with the target at 146.00.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below 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.

Strategy: BUY, Stop Loss: 146.00, Take Profit: 147.30.

Resistance levels: 147.60, 148.00, and 148.70

Support levels: 146.00, 145.55, and 145.00

The material has been provided by InstaForex Company -