Technical analysis of GBP/JPY for December 29, 2017


All out targets which we predicted in yesterday's analysis have been hit. The pair resumed its upward momentum, and is now challenging its resistance at 0.8895. A bullish breakout of this threshold seems more likely to occur, as the 50-period moving average is turning up, and plays well a support. Last but not least, the relative strength index calls for a new rise.

To sum up, above 151.45, look for further advance to 152.35 and 152.60 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 151.20

Strategy: BUY, Stop Loss: 151.45, Take Profit: 152.35

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: 152.35, 152.60, and 153.00

Support levels: 151.20, 151.00, and 150.55

The material has been provided by InstaForex Company -