GBP/JPY is under pressure. The pair has been capped by both 20-period and 50-period moving averages, while the relative strength index stays below 50.The pair holds below 144.50 and remains capped by a negative trend line. Meanwhile, the relative strength index lacks upward momentum. As long as 144.50 is not broken above, a break below 143.20 is likely.
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 143.20 and the second one at 142.80. In the alternative scenario, short positions are recommended with the first target at 144.95 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 145.30. The pivot point lies at 144.50.
Resistance levels: 144.95, 145.30, 145.50
Support levels: 143.20, 142.80, 140.15
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2iydIfr
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