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Technical analysis of GBP/JPY for May 31, 2016


GBP/JPY is expected to trade in higher range as bias remains bullish. The pair has accelerated on the upside and is currently supported by its rising 50-period moving average. The bias remains bullish, and further advance is expected with a challenge of yesterday's high at 163.90 at first. However, if the pair turns down and breaks below the horizontal support at 161.35, it will open the way to further weakness toward 160.70.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 163.10 and the second one at 164.10. In the alternative scenario, short positions are recommended with the first target at 160.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 160. The pivot point is at 161.35.

Resistance levels: 163.10, 164.10, 165

Support levels:160.70, 160, 159

The material has been provided by InstaForex Company -