GBP/JPY is expected to trade with a bearish bias. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 144.50 holds on the upside, look for a further drop toward 143.90 and even 143.55 in extension.
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 143.90. A break below this target will move the pair further downwards to 143.55. The pivot point stands at 144.50. If 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 145 and the second one at 145.30.
Resistance levels: 145.00, 145.30, 145.60
Support levels: 143.9, 143.55, 143.15
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2ixQgfn
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