empty
 
 
06.09.2017 08:01 AM
Technical analysis of GBP/JPY for September 06, 2017

This image is no longer relevant

Our all targets which we predicted in our previous analysis has been hit. The pair accelerated on the downside last night, capped by its falling 20-period and 50-period moving averages. The process of lower highs and lows remains intact, which should confirm a negative intraday outlook. Additionally, the relative strength index is mixed to bearish below its neutrality area at 50.

Hence, as long as 142.20 is resistance, likely decline to 141.35 and 141.10 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended below 142.20 with the target at 141.35.

Strategy: SELL, Stop Loss: 142.20, Take Profit: 141.35.

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a short position. 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: 142.50, 143.00, and 143.75

Support levels: 141.35, 141.10, and 140.50

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 $1000 more!
    In April we raffle $1000 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