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    Technical analysis of GBP/JPY for March 16, 2016 2016-03-16

     

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    GBP/JPY is expected to trade in a lower ground as the key resistance is at 161.05. The pair remains under pressure after the downside breakout of its key horizontal level at 161.05. The previous support now acts as a resistance, which should limit any upside room. Besides, the 20-period and 50-period moving averages are turning down, calling for a new decline. Hence, look for further downsides to 159.40 and 158.70 in extension below 161.05.

    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 159.40. A break of this target will move the pair further downwards to 158.70. The pivot point stands at 161.60. 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 161.85 and the second target at 162.85.

    Resistance levels: 161.85, 162.85, 163.40

    Support levels: 159.40, 158.70, 158


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