Technical analysis of GBP/JPY for January 19, 2018

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In line with our predictions, GBP/JPY is moving upward. The pair is now trading on the upside within its bullish channel. Both the 20-period and 50-period moving averages are heading upward, confirming a positive outlook. In addition, a strong support at 153.60 should limit any downward attempts.

Therefore, as long as 153.60 holds on the downside, likely advance to 154.60 and 154.95 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 153.60 with the target at 153.10

Strategy: BUY, stop loss at 153.60, take profit at 154.60

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 point, 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: 154.60, 154.95, and 155.50.

Support levels: 153.10, 152.50, and 152.00

The material has been provided by InstaForex Company – www.instaforex.com

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