Technical analysis of GBP/JPY for November 08, 2017

GBPJPYM30.png

GBP/JPY is under pressure and expected to trade in a lower range. The pair is still below its horizontal resistance at 150.30, which should maintain the strong selling pressure on the prices. A falling trend line also acts as a resistance role, and should continue to push the prices lower. The relative strength index is mixed to bearish, and lacks upward momentum.

Hence, as long as 150.30 is not surpassed, look for a new pullback to 149.30 and 149.00 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.30 with the target at 150.60.

Strategy: SELL, Stop Loss: 150.30, Take Profit: 149.30

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: 150.65, 151.00 and 151.55

Support levels: 149.30, 149.00, and 148.35

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