GBP/JPY is expected to prevail its upside movement . The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The rising 20-period moving average crossed above the 50-period one, which is positive. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.
The British pound was boosted by the announcement by Bank of England Governor Mark Carney that he would remain in his post for an extra year, through June 2019.
As long as 127.90 holds on the downside, look for a further upside toward 129.15 and even 129.60 in extension.
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 129.15 and the second one at 129.60. In the alternative scenario, short positions are recommended with the first target at 127.40, if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 127.00. The pivot point lies at 127.90.
Resistance levels: 129.15, 129.60, 130.45
Support levels: 127.40, 127.00, 126.60
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2f8T3dD
No comments:
Post a Comment