Technical analysis of GBP/JPY for January 03, 2018

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GBP/JPY is expected to trade with a bullish outlook. The pair is supported by a rising trend line, which confirmed a positive outlook. The upward momentum is further reinforced by the rising 50-period moving average. The relative strength index calls for a new upleg.

To sum up, above 151.90, look for a new challenge with targets at 153 and 153.70 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.90 with the target at 151.45

Strategy: BUY, Stop Loss: 151.90, Take Profit: 153.00

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: 153.00, 153.70, and 154.15

Support levels: 151.45, 151.00, and 150.65

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