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  #21  
Old 24-02-2017, 13:08
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to move further upwards. The pair recorded a succession of higher tops and higher bottoms and is holding on the upside. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and calls for a further upside.

As long as 141.20 is support, look for a further advance toward 142.05 and even 142.40 in extension.
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 142.05 and the second one at 142.40. In the alternative scenario, short positions are recommended with the first target at 140.95, 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 140.65. The pivot point is at 141.20.




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  #22  
Old 10-03-2017, 07:35
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with bullish bias above 138.65. The pair is rebounding on its 50-period moving average, as well as the horizontal support at 138.65. The 20-period moving average still stays above the 50-period one, and the relative strength index is around its neutrality area at 50 but lacks downward momentum. The intraday bias should remain positive.

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 139.65 and the second one at 140.00. In the alternative scenario, short positions are recommended with the first target at 138.15, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 137.00. The pivot point is at 138.65.




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  #23  
Old 17-03-2017, 08:56
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to continue the upside movement. The pair has broken above a negative trend line, as well as both 20-period and 50-period moving averages, and is expected to continue its technical rebound. Meanwhile the 20-period moving average has just crossed above the 50-period one, which is a bullish technical signal. And the relative strength index has been supported by a rising trend line and is above its neutrality area at 50. The intraday bias remains positive.

As long as 139.65 isn't broken, further bounce is likely with 140.50 and 140.90 as targets.
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 140.50 and the second one at 140.90. In the alternative scenario, short positions are recommended with the first target at 139.25 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 138.85. The pivot point is at 139.65.




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  #24  
Old 24-03-2017, 16:22
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is Under pressure. The pair has been capped by both descending 20-period and 50-period moving averages and remains on the downside. The technical configuration remains negative as the 20-period moving average is below the 50-period one, and the relative strength index is below its neutrality area at 50.
As long as 139.35 holds as the key resistance, expect a break below the nearest support at 138.25 at first. A break below 138.25 allows for the further drop to 137.75 as likely.

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 138.25. A break below this target will move the pair further downwards to 137.75. The pivot point stands at 139.35. 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 139.80 and the second one at 140.20.
Resistance levels: 139.80, 140.20, and 140.50
Support levels: 138.25,137.75, and 137.00




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  #25  
Old 06-04-2017, 23:32
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is under pressure. The pair broke below its previous ascending trend line, and is likely to post new weaknesses. A bearish cross between the 20-period and 50-period moving averages has just been identified (a strong negative signal). Last but not least, the relative strength index is bearish and calls for further downside.
To sum up, as long as 138.50 is not surpassed, it is likely decline to 137.50 and 137.10 in extension.

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 137.50. A break below this target will move the pair further downwards to 137.10. The pivot point stands at 138.50. 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 139.00 and the second one at 139.45.
Resistance levels: 139.00, 139.45, and 140.15
Support levels: 137.50,137.10, and 136.70




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  #26  
Old 14-04-2017, 13:28
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

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.




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  #27  
Old 20-04-2017, 17:58
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair is currently testing the support of its 50-period moving average, while the 20-period moving average is staying above the 50-period one. And the relative strength index is around its neutrality area at 50, showing a lack of momentum. The intraday bias remains positive.
As long as 138.85 is not broken down, a further bounce is preferred with 140.15 and 140.60 as targets. 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 140.15 and the second one at 140.60. In the alternative scenario, short positions are recommended with the first target at 138.35 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 137.80. The pivot point is at 138.85.




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  #28  
Old 26-04-2017, 17:16
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to prevail its upside movement. The pair remains above its horizontal support at 0.8480 and is currently testing the support of its 50-period moving average. The 20-period moving average is still above the 50-period one, which should confirm a bullish bias. In addition, the relative strength index is around its neutrality area at 50, showing a lack of momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

As long as 142.00 is not broken below, expect a break above 143.40 at first, which will allow for an upside acceleration to 144.00 as likely.

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 143.40 and the second one at 144.00. In the alternative scenario, short positions are recommended with the first target at 141.60 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 140.65. The pivot point is at 142.00.




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  #29  
Old 03-05-2017, 04:09
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to continue its upwards movement. The pair has recorded higher tops and higher bottoms since April 28, which confirmed a positive outlook. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is supported by the ascending trend line.

Hence, as long as 143.80 holds on the downside, expect a further rise to 145 and even to 145.60 in extension.

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 145.00 and the second one at 145.60. In the alternative scenario, short positions are recommended with the first target at 143.30 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 143.00.

The pivot point is at 143.80.
Resistance levels: 145.00, 145.60, and 146.35
Support levels: 143.30,143.00, and 142.20




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  #30  
Old 05-05-2017, 14:59
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to advance further. The pair has broken above a triangle pattern, and is looking for a higher top. Both 20-period and 50-period moving averages are rising and should play support roles as well. In addition, the relative strength index is above its neutrality area at 50, showing upside momentum. Even though an intraday consolidation cannot be ruled out, its extent should be limited.

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 145.50 and the second one at 146.00. In the alternative scenario, short positions are recommended with the first target at 144.05 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 143.70. The pivot point is at 144.55.




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  #31  
Old 11-05-2017, 22:00
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to continue its upside movement. The pair remains above the 20-period moving average which stays above the 50-period moving average. Besides, the relative strength index is still above its neutrality area at 50, and is positively oriented.
As long as 147.15 is not broken down, further advance is preferred with 148.20 and 148.65 as targets.

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 148.20 and the second one at 148.65. In the alternative scenario, short positions are recommended with the first target at 146.80 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 146.35. The pivot point lies at 147.15.




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  #32  
Old 12-05-2017, 20:24
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is under pressure. The pair has been capped by its 20-period moving average, which remains below the 50-period moving average. The horizontal level at 147.15 should now play a key resistance role. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum.
Therefore, as long as 147.15 holds as the key resistance, expect a break below the nearest support at 146.15 at first. A break below 146.15 allows for further drop to 145.70 as likely.

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 146.15. A break below this target will move the pair further downwards to 145.70. The pivot point stands at 147.15. 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 147.55 and the second one at 148.




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  #33  
Old 26-05-2017, 07:23
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with a bullish bias. The technical picture of the pair remains positive above a rising trend line, and is holding on the upside. The relative strength index is above a rising trend line and is above its neutrality level at 50. In addition, 144.50 is playing a key support role, which should limit the downside potential.

As long as this key level is not broken, look for a further advance towards 145.20 and even 145.45 in extension.

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 145.20 and the second one at 145.45. In the alternative scenario, the short position is recommended with the first target at 144.05 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 143.75.

The pivot point is at 144.50.
Resistance levels: 145.20, 145.45, and 146.00
Support levels: 144.05,143.75, and 143.00




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  #34  
Old 02-06-2017, 16:25
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is under pressure. The pair is consolidating around its 20-period moving average, which remains below the descending 50-period moving average. The horizontal level at 143.15 should also play a key resistance role. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum.
Therefore, as long as 143.15 holds as the key resistance, expect a break below the nearest support at 142.40 at first.

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 142.40. A break below this target will move the pair further downwards to 142.00. The pivot point stands at 143.15. 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 143.50 and the second one at 144.10.

Resistance levels: 143.50, 144.10, and 145.00
Support levels: 142.40,142.00, and 141.00




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  #35  
Old 08-06-2017, 00:44
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Yesterday, GBP/JPY moved lower as predicted. Today, the pair is making rebound from its support of 140.70 and expected to continue its rebound. The pair is expected to trade with a bullish bias above 140.70. The pair is trading above the rising 50-period moving average, which plays a support role and maintain the upside bias. The relative strength index is above its neutrality level at 50. The key support at 140.70 should limit the downside potential.
To conclude, as long as this key level is not broken, a rebound to 142.45 and even to 142.78 seems more likely to occur.

At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 142.45 and the second one at 142.78. In the alternative scenario, short position is recommended with the first target at 140.30 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 139.95. The pivot point lies at 140.70.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy : BUY at dips, Stop Loss: 140.70, Take Profit: 142.45
Resistance levels: 142.45, 142.78, and 143.35
Support levels: 140.30,139.95, and 139.50




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  #36  
Old 09-06-2017, 18:56
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Yesterday's GBP/JPY target has been hit as presicted. Today, the pair is expected to extend its upside movement. The pair posted a rebound and broke above the 20-period and 50-period moving averages. In addition, the bullish cross between 20-period and 50-period moving averages has been identified, which indicates a positive signal. The relative strength index is above its neutrality level at 50. Hence, as long as 141.70 is not broken, expect a further upside to 143.10 and even to 143.460 in extension.
Hence, as long as 141.70 is not broken, expect a further upside to 143.10 and even to 143.460 in extension.

At present, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above its pivot point. Therefore, long position is recommended with the first target at 143.10 and the second one at 143.60. In the alternative scenario, short position is recommended with the first target at 141.40 if the price moves below its pivot points. A break of this target is expected to push the pair further downwards, and one may expect the second target at 140.70. The pivot point lies at 141.70.

Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy : BUY at dips, Stop Loss: 141.70, Take Profit: 143.10
Resistance levels: 143.10, 143.60, and 143.95
Support levels: 141.40,140.70, and 140




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  #37  
Old 15-06-2017, 00:46
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

The yesterday take profit target for GBP/JPY has been hit. After hitting the mark of 140.80 (today's high), which was also our target moved downward, the pair went downwards. Therefore, the level played a resistance role. The pair is now expected to trade in a lower range below 140.60. The pair has clearly reversed downwards after its failure to break above the resistance at 140.80. The 20-period and 50-period moving averages are turning down and should continue to push the prices lower. Besides, the relative strength index is negative below its neutrality area at 50.

Chart Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the 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.
Strategy : SELL, Stop Loss: 140.60, Take Profit: 139
Resistance levels: 141.20, 141.85, and 142.15
Support levels: 139.00,138.60, and 138




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  #38  
Old 16-06-2017, 12:02
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Overview
The GBP/JPY pair held higher above the support at 138.75. However, the ongoing formation of a barrier by the moving average 55 at 141.70 might support sideways fluctuations in the near-term period. Therefore, we recommend monitoring the price behavior and wait for surpassing one of the mentioned levels to detect the true targets in the upcoming period without suffering any sudden losses.

Note that continuation of the negative pressure and an attempt to break the current support will confirm regaining the bearish bias with targets at 137.70 and then 135.05 levels. A breach of the moving average 55 will open the way for resuming the bullish trend with upward targets at 143.35 and 145.50 levels. The expected trading range for today is between 138.75 and 141.70.




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  #39  
Old 20-06-2017, 17:45
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Our take profit target for GBP/JPY has been hit as predicted. The technical picture of the pair is positive as the prices are supported by the bullish trend line since June 15. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index shows upside momentum.
Hence, as long as 141.60 is support, expect a new advance to 142.75 and even to 143.35 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 141.60 with targets at 141.00 and 140.55.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the 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.




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  #40  
Old 22-06-2017, 13:56
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with a bearish outlook. Despite the pair's bounce, it is still trading below the key resistance at 141.20, which should limit the upside potential. The relative strength index lacks upward momentum. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.
To conclude, below 141.20, look for a return to 140.30 and even to 139.80 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 141.20 with targets at 141.75 and 142.30.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the 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.

Strategy: SELL, Stop Loss: 141.20, Take Profit: 140.30 and 139.80
Resistance levels: 141.75, 142.30, and 143.00
Support levels: 140.30,139.80, and 140.35




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