InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    Technical analysis of GBP/JPY for March 02, 2016 2016-03-02


    Show full picture

    GBP/JPY is expected to trade in a higher range. The pair is heading upwards after the validation of an intraday "V" bottom pattern. The upside potential has been opened to at least 161. Besides, the relative strength index is still positive, without showing any reversal signals. In these perspectives, as long as 157.50 is not broken, look for further advance to 160.35 and 161 in extension.

    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. Therefore, long positions are recommended with the first target at 160.35 and the second one at 161. In the alternative scenario, short positions are recommended with the first target at 156.30 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 155.70. The pivot point is at 157.50.

    Resistance levels: 160.35, 161, 161.70

    Support levels: 156.30, 155.70, 154.70

    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