Technical analysis of GBP/JPY for September 20, 2017

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We will retain our previous outlook for the pair. GBP/JPY is expected to trade in a higher range. From a chartist point of view, during the last hours, the pair has been drawing a support base at 150.15. This former resistance has been recently successfully tested and is now expected to maintain the intraday bullish bias.

As a consequence, above 150.15 look for further advance towards 151.65 and 152.70 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.15 with the target at 149.35.

Strategy: BUY, Stop Loss: 150.15, Take Profit: 151.65

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. 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.

Resistance levels: 151.65, 152.70 and 153.40

Support levels: 149.35, 148.35, and 147.50

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