GBP/JPY is expected to trade in a lower range. The pair stays below its key resistance at 184.50 capped by its 20-period intraday moving average, which has crossed below the 50-period one. Meanwhile, the relative strength index is turning down to 50. The first target to the downside is set at the horizontal support overlapping at 181.95. A breakout below this level would open the way to further weakness toward 181.15.
Trading recommendations:
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 181.95. A break of that target will move the pair further downwards to 181.15. The pivot point stands at 184.50. In case 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 185.05 and the second target at 185.70.
Resistance levels: 185.05 185.70 186.35
Support levels: 181.95 181.15 180.35
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 December 14, 2015 . Thanks for your support.
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