Technical analysis of GBP/JPY for February 16, 2018

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We consider the same yesterday's targets. The pair is consolidating above its key support at 148.55, which should maintain the buying interest. The relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

To sum up, as long as 148.55 is not broken, look for a rebound with targets at 150.20 and 150.80 extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 148.55 with the target at 150.20.

Strategy: BUY, Stop loss at 148.55, Take profit at 150.00

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 point, 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: 150.20, 150.80, and 151.50

Support levels: 147.95, 147.00, and 146.30.

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