empty
 
 
11.10.2017 09:31 AM
Technical analysis of GBP/JPY for October 11, 2017

This image is no longer relevant

GBP/JPY is expected to trade with a bullish outlook above 147.80. The pair has turned up and is likely to continue a new rebound. The rising 20-period and 50-period moving averages play well support roles. Besides, the relative strength index is bullish, calling for further upside.

Therefore, as long as 147.80 is not broken, look for a further advance to 149 and 149.50 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 147.80 with the target at 147.40.

Strategy: BUY, Stop Loss: 147.80, Take Profit: 149.0

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: 149.00, 149.50 and 150.05

Support levels: 147.40, 146.90, and 146.10

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback