Technical Analysis of GBP/JPY for April 21, 2016
GBP/JPY is expected to trade with a bullish bias. The pair stays above its support at 123.35 and is consolidating around its 50-period moving average. Meanwhile, the relative strength index stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 158.50 at first. A break above this level would call for further advance toward 159.00 in extension.
Trading Recommendations:
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 158.50 and the second one, at 159.00. In the alternative scenario, short positions are recommended with the first target at 155.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 154.75. The pivot point is at 156.20.
Resistance levels: 158.50, 159, 160.15
Support levels: 155.60, 154.75, 154.05
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