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Technical analysis of GBP/JPY for November 12, 2015


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GBP/JPY is expected to trade in a higher range as there is a bullish bias above 186.20. The pair stays above its key support at 186.20 and remains on the upside, while the intraday RSI is around 50 lacking downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 1.3285 first. A break above this level would call for a further advance towards 187.75.

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 187.75 and the second target at 188.30. In the alternative scenario, short positions are recommended with the first target at 185.80 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 185.30. The pivot point is at 186.20.

Resistance levels: 187.75 188.30 189.10

Support levels: 185.80 185.30 184.80

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