GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair is trading above its 20-period MA, which acts as a support. Furthermore, the rising 50-period MA suggests that the pair still has potential for further upside. The RSI is above its neutrality level at 50 and lacks downward momentum. Above 180.90, look for a further upside to 182.55 and even 183.30 in extension.
Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 182.55 and the second target at 183.30. In the alternative scenario, short positions are recommended with the first target at 180.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 179.80. The pivot point is at 180.90.
Resistance levels: 182.55 183.30 184
Support levels: 180.45 179.80 179
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for September 29, 2015 . Thanks for your support.
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