GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair stays above its key support at 186.40 and remains on the upside, while the intraday RSI is around 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 187.50 at first. A break above this level would call for further advance toward 188.
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 187.50 and the second target at 188.60. In the alternative scenario, short positions are recommended with the first target at 185.95 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 185.30. The pivot point is at 186.40.
Resistance levels: 187.50 188 188.60
Support levels: 185.95 185.30 184.80
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 November 16, 2015 . Thanks for your support.
No comments:
Post a Comment