InstaForex - Analytics

InstaForex

719.00 6.50/10
61% of positive reviews
Real

Technical analysis of GBP/JPY for June 01, 2015

 

GBPJPYM30.png

 

 

Show full picture

 

 

Fundamental outlook: GBP/JPY is expected to consolidate with bullish bias after hitting a two-week high of 136.47 on Friday. It is underpinned by demand from Japanese importers. Upside, GBP/JPY is limited by diminished investor risk appetite and Japan's exports.

Technical comment:The daily chart is mixed as stochastics is bullish, but the MACD is in bearish mode.

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 190 and the second target at 190.60. In the alternative scenario, short positions are recommended with the first target at 188.60 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 187.80. The pivot point is at 190.05.

Resistance levels: 190.60 191.20 191.75

Support levels: 188.60 187.80 187



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree