04.10.201608:49 Forex Analysis & Reviews: Technical analysis of GBP/JPY for October 04, 2016

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GBP/JPY is expected to continue its upside movement. The pair broke above the upper boundary of the Bollinger Band with strong momentum. The relative strength index is bullish above its neutrality level at 50 and is heading upward. A support base has been formed around 130.30, which should limit the downside potential. Additionally, the 20-period moving average is turning up. As long as the key level at 130.30 is not broken, look for a further upside toward 131.95 and even 132.45 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 131.95 and the second one at 132.45. In the alternative scenario, short positions are recommended with the first target at 130.05 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 129.65. The pivot point lies at 130.30.

Resistance levels: 131.95, 132.45, 132.80

Support levels: 130.05, 129.65, 129.10

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