GBP/JPY is Under pressure. The pair is under pressure, capped by its descending 50-period moving average. Another bearish signal is identified as the relative strength index is capped by a declining trend line which emerged previous week, and is also below its neutrality level at 50. The downward momentum is further reinforced by its declining 50-period moving average, which plays resistance role and maintains the downside bias.
Hence, below 140.15, a new drop is expected to 138 and then to 137.25.
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 138.00. A break below this target will move the pair further downwards to 137.25. The pivot point stands at 140.15. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 141.25 and the second one at 141.75.
Resistance levels: 141.25, 141.75, 143.25
Support levels: 138.00, 137.25, 136.25
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2gAA7Hx
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