InstaForex - Analytics

InstaForex

696.00 6.50/10
61% of positive reviews
Real

Technical analysis of GBP/JPY for March 05, 2015

GBPJPYM30.png

Show full picture

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias after hitting a one-month low of 132.40 on EBS on Wednesday. It is undermined by the soft EUR/USD undertone, decreased investor risk tolerance and Japan's exports. But the GBP/JPY losses are tempered by demand from the Japanese importers.

Technical comment:
The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 182.50. A break of that target will move the pair further downwards to 182.10. The pivot point stands at 183.65. 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, a long position is recommended with the first target at 184.15 and the second target at 184.40.

Resistance levels:
184.15
184.40
184.75

Support levels:
182.50
182.10
181.75

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015


To leave a comment you must or Join us


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