Technical analysis of GBP/JPY for February 8, 2018

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All our targets which we predicted in the previous analysis have been hit. GBP/JPY is expected to trade with a bullish outlook. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintains the bullish bias. The relative strength index is supported by an ascending trend line.

Therefore, as long as 151.85 is not broken, look for a further advance with targets at 154.60 and 155.40 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 151.85 with the target at 151.25.

Strategy: BUY, Stop loss at 151.85, Take profit at 154.60

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: 154.60, 155.40, and 156.00

Support levels: 151.25, 150.40, and 149.65.

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