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Technical analysis of GBP/JPY for November 02, 2016

GBPJPYM30.png

GBP/JPY is Under pressure. The pair is turning down against its key resistance at 127.5 and remains under pressure. Meanwhile, the 20-period moving average has crossed below the 50-period one, and the relative strength index lacks upward momentum. As long as 127.55 is not broken above, a break below 126.60 is likely.

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 126.60. A break below this target will move the pair further downwards to 126.20. The pivot point stands at 127.55. In case 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 128.05 and the second one at 128.50.

Resistance levels: 128.05, 128.50, 129.15

Support levels: 126.60, 126.20, 125.70

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