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Technical analysis of GBP/JPY for December 08, 2015

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GBP/JPY is expected to trade with a bearish bias at the key resistance of 185.90. The pair is turning down against its key resistance of 185.90. Meanwhile, the intraday relative strength index lacks upward momentum. The first target to the downside is therefore seen at the horizontal support and overlap at 184.55. A breakout below this level would open the way to further weakness toward 183.95.

Trading recommendations:

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 184.55. A break of that target will move the pair further downwards to 183.95. The pivot point stands at 185.90. 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 186.30 and the second target at 186.55.

Resistance levels: 186.30 186.55 187 Support levels: 184.55 183.95 183



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