Technical analysis of GBP/JPY for July 14, 2017


Yesterday's targets which we predicted have been hit precisely in line with our outlook. The technical picture of the pair remains positive above a rising trend line and the pair is expected to continue its upside movement. The rising 20-peirod and 50-period moving averages maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.

As long as 146.60 is support, look for a further upside towards 147.75 and even 148.10 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 146.60 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: 146.60, Take Profit: 146.60.

Resistance levels: 147.75, 148.10, and 148.45

Support levels: 146, 146.25, and 145.75

The material has been provided by InstaForex Company -