Technical analysis of GBP/JPY for December 01, 2017

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All our upside targets which we predicted in yesterday's analysis have been hit. The pair remains on the upside, supported by its rising trend line. Both the 20-period and 50-period moving averages are heading upward, which should confirm a positive outlook. In addition, a strong support base at 151.45 has formed, and should limit any downside room.

In which case, as long as 151.45 is not broken, likely advance to 153.35 and 154 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.45 with the target at 150.75

Strategy: BUY, Stop Loss: 151.45, Take Profit: 153.35

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: 153.35, 154.00, and 154.60

Support levels: 150.75, 149.90, and 149

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