19.09.201709:00 Forex Analysis & Reviews: Technical analysis of GBP/JPY for September 19, 2017

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 at 151.60 has been hit. The short-term trend remains up following the rebound from the key support level at 150.15 former key resistance. On an intraday basis, the pair is supported by its ascending 20-period and 50-period moving averages.

We suggest long positions above 150.15 with targets at 152.70 and 153.40 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.15 with the target at 149.35.

Strategy: BUY, Stop Loss: 150.15, Take Profit: 152.70

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 points, 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: 152.70, 153.40, and 154.00

Support levels: 149.35, 148.35, and 147.50

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.