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Technical analysis of GBP/JPY for August 04, 2016

GBPJPYM30.png

EUR/JPY is expected to trade with a bearish bias as key resistance is set at 135.60. The pair has been capped by its descending 50-period moving average, and remains on the downside. Meanwhile, the relative strength index stays below 50. European stocks were mixed with the STOXX Europe 600 remaining broadly flat. Germany's DAX gained 0.3%, while both the U.K.'s FTSE and France's CAC were down 0.2%.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 133.85. A break below this target will move the pair further downwards to 133.00. The pivot point stands at 135.60. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 136.30 and the second one at 137.10.

Resistance levels: 136.30, 137.10, 137.95

Support levels: 133.85, 133.00, 132.00

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