GBP/JPY is expected to trade in a lower range. A strong resistance area around 180.10 maintains the selling pressure. Besides, the process of lower highs and lows remains intact. At the current stage, the pair is more likely to test its nearest support at 179. The risk is a slide below this level, which would trigger a bearish acceleration toward 178.50.
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 179.00. A break of that target will move the pair further downwards to 178.50. The pivot point stands at 180.10. 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 180.60 and the second target at 181.20.
Resistance levels: 180.60 181.20 182.10
Support levels: 179 178.50 178
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 23 , 2015 . Thanks for your support.
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