GBP/JPY is expected to trade in a lower range as the key resistance is at 169.85. The pair is reversing down and stays below its key resistance at 169.85. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 167. A break below this level would open the way to further weakness towards 166.50.
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 167. A break of that target will move the pair further downwards to 166.50. The pivot point stands at 169.85. 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 170.60 and the second target at 171.35.
Resistance levels: 170.60, 171.35, 172
Support levels: 167, 166.50, 165.75
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 January 15, 2016 . Thanks for your support.
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