31.01.201813:48 Forex Analysis & Reviews: Technical analysis of GBP/JPY for January 31, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Our first upside target which we predicted in yesterday's analysis has been hit. The pair turned bearish as the prices broke below the rising trend line. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is calling for a drop.

Therefore, below 154.45, look for a new decline with targets at 153.20 and 152.80 in extension

Alternatively, if the price moves in the direction opposite to the forecast, a LONG position is recommended above 154.45 with the target at 155.

Strategy: SELL, Stop loss at 154.45, Take profit at 153.20

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 155.00, 155.85, and 156.35

Support levels: 153.20, 152.80, and 152.40.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.