Technical analysis of GBP/JPY for September 21, 2017

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Our first upside target which we predicted in yesterday's analysis has been hit. The pair is still expected to advance further and post some further upside gains. The pair is drawing a flat consolidation above the 151.00 intraday key support. This consolidation looks like a pause in a short-term ascending trend with a strong bullish momentum. As a consequence, a resumption of this bullish trend is expected in the coming sessions.

Suggest long positions above 151.00 with targets at 152.70 and 153.40 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.00 with the target at 150.15.

Strategy: BUY, Stop Loss: 151.00, Take Profit: 152.70

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: 152.70, 153.40 and 154.00

Support levels: 150.15, 149.35, and 148.50

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