Technical analysis of GBP/JPY for November 06, 2017

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GBP/JPY is expected to trade with bullish bias above 149.10. Although the pair posted a pullback from 148.70, a support base at 149.10 has been formed and has allowed for a temporary stabilization. The relative strength index is mixed with bullish bias.

To conclude, as long as 149.10 holds on the downside, a further upside to 149.90 and even to 150.30 seems more likely to occur.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.10 with the target at 148.70.

Strategy: BUY, Stop Loss: 149.10, Take Profit: 149.90

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: 149.90, 150.30 and 151.05

Support levels: 148.70, 148.20, and 147.55

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