Technical analysis of GBP/JPY for October 09, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish. The pair is trading above its rising 20-period and 50-period MA. The 20-period MA is above the 50-period one. The intraday RSI is above its neutrality level at 50%. Nevertheless, the pair currently faces a challenging support area at 183.85, which should limit the upside potential. As long as 183.85 is not broken, the pair is likely to move to to 184.85.

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 184.85 and the second target at 185.40. In the alternative scenario, short positions are recommended with the first target at 183.30 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 182.70. The pivot point is at 183.85.

Resistance levels: 184.85 185.40 186

Support levels: 183.70 182.70 182

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for October 09, 2015 . Thanks for your support.