Our take profit target for GBP/JPY has been hit as predicted. The technical picture of the pair is positive as the prices are supported by the bullish trend line since June 15. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index shows upside momentum.
Hence, as long as 141.60 is support, expect a new advance to 142.75 and even to 143.35 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 141.60 with targets at 141.00 and 140.55.
Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 141.60, Take Profit: 142.75
Resistance levels: 142.30, 142.75, and 143.35
Support levels: 141.00,140.55, and 140
The material has been provided by InstaForex Company - www.instaforex.com
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