Technical analysis of GBP/JPY for December 28, 2017


All our targets which we predicted in Yesterday's analysis have been hit. The pair managed to hold above its horizontal support at 151.20, and is likely to challenge the next resistance at 0.8895. A bullish breakout of this threshold seems more likely to occur, as both the 20-period and 50-period moving averages are turning up, and should confirm a positive outlook. The relative strength index calls for a new rise.

Hence, above 151.20, look for 152.10 and 152.35 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.20 with the target at 150.70

Strategy: BUY, Stop Loss: 151.20, Take Profit: 152.10

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: 152.10, 152.35, and 152.70

Support levels: 151.00, 150.75, and 150

The material has been provided by InstaForex Company -