empty
 
 
13.04.2017 12:43 PM
Technical analysis of GBP/JPY for April 13, 2017

This image is no longer relevant

GBP/JPY is under pressure. The pair remains in consolidation and is likely to form a "bearish flag" pattern (not yet confirmed). The relative strength index lacks upward momentum. Besides, the 20-period and 50-period moving averages are mixed to bearish.

To sum up, as long as 137.15 holds on the upside, look for a new pullback to test 136.15 at first. A break below 136.15 would trigger a drop towards 135.70.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 136.15. A break below this target will move the pair further downwards to 135.70. The pivot point stands at 137.15. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 137.75 and the second one at 138.15.

Resistance levels: 137.75, 138.15, and 138.45

Support levels: 136.15,135.70, and 135.00

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 $8000 more!
    In March we raffle $8000 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