Daily analysis of GBP/JPY for September 29, 2017

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Daily analysis of GBP/JPY for September 29, 2017

Technical analysis of USD/JPY for September 29, 2017

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USD/JPY is expected to trade with a bearish outlook. The pair is trading below its 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50.

The U.S. Commerce Department reported that GDP grew at a 3.1% annual rate on quarter in the second quarter, faster than +3.0% estimated previously.

Therefore, as long as 113.00 holds on the upside, look for a new test with targets at 112.20 and 112.00 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 113 with a target at 113.25.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 113.00, Take Profit: 112.20

Resistance levels: 113.25, 113.55 and 114.00 Support Levels: 112.20, 112.00, 111.50

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

Technical analysis of USD/CHF for September 29, 2017

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USD/CHF is under pressure. The pair is under pressure below the key resistance at 0.9725, which should limit the upside potential. The declining 50-period moving average is playing a resistance role. The relative strength index is bearish below its neutrality level at 50.

To sum up, as long as 0.9725 holds on the upside, look for a further drop with targets at 0.9655 and 0.9620 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. 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.

Strategy: SELL, Stop Loss: 0.9725, Take Profit: 0.9655

Resistance levels: 0.9745, 0.9765, and 0.9790

Support levels: 0.9655, 0.9620, and 0.9575

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

Technical analysis of GBP/JPY for September 29, 2017

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GBP/JPY is expected to trade with a bearish bias below 151.60. The pair has clearly turned down, and remains capped by its falling 20-period and 50-period moving averages. The nearest resistance at 1.2475 maintains the strong selling pressure on the prices. Besides, the relative strength index is still below its neutrality area at 50.

In which case, as long as 151.60 is not surpassed, look for a return to 150.35 at first. A break below 150.35 would trigger a drop towards 149.95.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 152.25 with the target at 152.80.

Strategy: SELL, Stop Loss: 151.60, Take Profit: 150.35

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: 152.25, 152.80 and 153.25

Support levels: 150.35, 149.95, and 149.15

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

Technical analysis of NZD/USD for September 29, 2017

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NZD/USD is expected to trade with a bullish outlook above 0.7200. The pair posted a rebound above its 50-period moving average. The relative strength index is above its neutrality level at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

To conclude, as long as 0.7200 is not broken, look for a further rise with targets at 0.7260 and 0.7280 in extension.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7260, 0.7280, and 0.7305

Support levels: 0.7180, 0.7165, and 0.7130

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