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  #1  
Old 21-08-2015, 22:04
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Default Daily technical analysis of GBP/JPY By INSTAFOREX

Trading recommendations:
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 192.20. A break of that target will move the pair further downwards to 191.95. The pivot point stands at 193.85. In case 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 194.55 and the second target at 191.95.

Resistance levels: 194.55 194.95 195.30

Support levels: 192.20 191.95 191.35




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  #2  
Old 10-09-2015, 20:58
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Overview
The GBP/JPY pair remains neutral for consolidation above a temporary low of 180.36. Further decline is expected as long as resistance at 187.36 holds. Below 180.36 will target the key support level of 174.86. However, a decisive breakout of 187.36 will shift the focus back to resistance of 195.26. A breakout of the mid-term trend line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY came close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal and result in a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67

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  #3  
Old 18-09-2015, 05:27
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 188.45 and the second target at 189. In the alternative scenario, short positions are recommended with the first target at 185.70 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 185.90.

The pivot point is at 186.60.

Resistance levels: 188.45 189 189.95
Support levels: 185.70 184.90 184.10




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  #4  
Old 25-09-2015, 00:23
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade in a lower range as the pair is under pressure now. The pair is consolidating below its 20-period and 50-period MAs. A further decline is expected. The downside prevails, as long as the nearest key resistance at 184.15 holds on the upside. Furthermore, the intraday RSI is negative below its neutrality area of 50. Therefore, our next down targets are set at 182.60 and 182 (Fibonacci projection).

Trading recommendations:
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 182.60. A breakout of that target will move the pair further downwards to 182. The pivot point stands at 184.15. In case 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 184.95 and the second target at 186.




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  #5  
Old 08-10-2015, 21:56
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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 pair posted strong rebound yesterday following the break above its key resistance at 183.25 (the upper boundary of its previous trading range). The upside room has been opened towards 184.85. Besides, the rising 20-period and 50-period MAs also confirmed a positive outlook. The intraday RSI shifted to bullish. In that case, as long as 183.25 is not broken, watch for further advance to 184.85 and 185.40.

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 184.85 and the second target at 185.40. In the alternative scenario, short positions are recommended with the first target at 182.70 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 182. The pivot point is at 183.25.




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  #6  
Old 16-10-2015, 11:55
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/USD is expected to trade with a bullish bias above 183. According to the chart, the pair stands firmly above its intraday support at 183. It is expected to post a new bounce to challenge 184.40. The RSI indicator is headed up jumping above its neutrality area of 50, which should confirm a positive bias. So, as long as 183 holds on the downside, a new rise to 184.40. and 184.85 seems to be on the cards.

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. As long as the price holds above its pivot point, long positions are recommended with the first target at 184.30 and the second target at 184.85. In the alternative scenario, short positions are recommended with the first target at 182.30 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 181.80. The pivot point is at 183




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  #7  
Old 21-10-2015, 23:26
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with bullish bias. The pair is well supported by its rising 50-period intraday MA and remains on the upside. The 20-period MA also stays above the 50-period one, which confirms a bullish bias. The intraday RSI is above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 184.60 at first. A break above this level would call for further advance towards 185.80 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. As long as the price holds above its pivot point, long positions are recommended with the first target at 185.80 and the second target at 185.80. In the alternative scenario, short positions are recommended with the first target at 184.05 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 183.60. The pivot point is at 184.60.




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  #8  
Old 16-12-2015, 18:05
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade in a lower pressure. The pair stays below its key resistance at 183.50 and remains under pressure. The 20-period moving average has crossed below the 50-period one. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is seen at the horizontal support overlapping at 182.10. A breakout below this level would open the way to further weakness toward 181.70.

Trading recommendations:
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 182.10. A break of that target will move the pair further downwards to 181.70. The pivot point stands at 183.50. In case 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 184.10 and the second target at 184.50.




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  #9  
Old 18-12-2015, 15:49
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

The GBP/JPY pair is under pressure. The pair stays below its key resistance at 182.45 and is capped by its descending 20-period moving average. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 181.05. A breakout below this level would open the way to further weakness toward 180.20.

Trading recommendations:
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 181.05. A break of that target will move the pair further downwards to 180.20. The pivot point stands at 182.45. In case 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 183.15 and the second target at 183.75.




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  #10  
Old 19-02-2016, 01:58
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

The GBP/JPY pair stays above its key support at 161.85 and remains choppy. Meanwhile, the relative strength index is mixed to bullish. The first target is set at the horizontal resistance and overlaps at 164.80. A breakout above this level would open the way to further rise towards 165.90.

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 164.80 and the second one at 165.90. In the alternative scenario, short positions are recommended with the first target at 161 if the price moves below its pivot points. A breakout of this target is likely to push the pair further downwards, and one may expect the second target at 159.80. The pivot point is set at 161.85.




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  #11  
Old 11-03-2016, 20:10
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is set to a further advance. The pair validated an intraday "V"-bottom pattern, and is now heading upward. The 20-period moving average turned up, and also crossed above the 50-period one, which should be a strong positive signal. Moreover, the relative strength index is bullish above its neutrality area at 50. Looking ahead, as long as 160.30 remains support, look for a new rise to 162.45 and 163.25 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 162.45 and the second one at 163.25. In the alternative scenario, short positions are recommended with the first target at 159.80 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 159.35. The pivot point is at 160.30.





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  #12  
Old 21-07-2016, 17:13
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade in a higher range. The pair is holding on the upside after it has broken above a bearish trend line. Meanwhile, the relative strength index is bullish above its neutrality area at 50 and calls for further advance. Both the 20-period and 50-period moving averages are heading upward and act as support. To sum up, as long as 139.90 holds on the downside, look for further rise to 142.45 and even 143.25 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 142.45 and the second one, at 43.25. In the alternative scenario, short positions are recommended with the first target at 39.30, 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 138.30. The pivot point is at 139.90.




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  #13  
Old 14-10-2016, 15:15
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

Overview
The GBP/JPY pair showed more sideways trading consolidating around 127.25 levels yesterday due to a lack of negative momentum until this moment. The bearish scenario depends on stability of the 129.60 resistance. We expect the price to gather the required negative momentum and start recording targets at 123.15 followed by 120.90. Note that an attempt to breach the mentioned resistance will postpone the negative overview and start building correctional bullish bias to move towards 133.40 as the first positive target followed by touching the 135.50 resistance. The expected trading range for today is between 127.50 and 123.15.




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  #14  
Old 28-10-2016, 05:02
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with bearish bias as the key resistance at 127.35. The pair shows further downside potential after it failed to break above its key resistance at 127.35. The declining 50-period moving average is also playing a resistance role and suggests that the pair still has potential for a further drop. The relative strength index is below its neutrality level at 50 and lacks upward momentum. The British pound dropped to a low of 1.2081 to the U.S. dollar, the lowest intraday level since the "flash crash" on October 7, before paring some losses following Carney's comments. In his testimony to the House of Lords Economic Committee, Carney pointed out, "The balance of supply and demand in the exchange rate can shift, and we're not a targeter of the exchange rate, we're a targeter of inflation. But we're not indifferent to the exchange rate. As I've tried to make clear, that perception may well be mistaken, what we have to address as a committee, what we have to take into account as a committee is where sterling is and how persistent it likely is to be".

As long as 127.35 is not broken, look for further drop toward 126.55 and even 126.10 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 126.55. A break below this target will move the pair further downwards to 126.10. The pivot point stands at 127.35. In case 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 127.70 and the second one at 127.95.

Resistance levels: 127.70, 127.95, 128.15
Support levels: 126.55, 126.10, 125.25




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  #15  
Old 01-12-2016, 12:20
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade mainly with a bullish bias. The pair has been supported by its rising 20-period moving average, and is looking for a higher top. Meanwhile, the 20-period moving average stays above the 50-period one, and the relative strength index is held up by a bullish trend line. As long as 141.50 is not broken down, further bounce is preferred with 144.50 and 145.20 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 144.50 and the second one at 145.20. In the alternative scenario, short positions are recommended with the first target at 140.00 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 139.25. The pivot point lies at 141.50.




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  #16  
Old 09-12-2016, 10:08
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is Under pressure. The pair is trading below its resistance at 144.75, which should limit the upside attempts. The downward momentum is further reinforced by its descending 50-period moving average, which maintains a downside bias. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. To sum up, as long as 144.75 is not surpassed, the pair is likely to drop to 143.30 and then to 142.70.

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 143.30. A break below this target will move the pair further downwards to 142.70. The pivot point stands at 144.75. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 145.15 and the second one at 145.70.




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  #17  
Old 23-12-2016, 11:26
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to post some limited gains. The pair has been supported by a bullish trend line since December 20. The relative strength index has been backed by an ascending trend line since December 19 and is heading upward without any reversal signal. Therefore, as long as 144.90 is not broken below, the pair is expected to post further rebound to challenge 145.70 at first and then 146.05.

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 145.70 and the second one at 146.05. In the alternative scenario, short positions are recommended with the first target at 144.50 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 144.15. The pivot point lies at 144.90.

Resistance levels: 145.70, 146.05, 147.00
Support levels: 144.50, 144.15, 143.55




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  #18  
Old 30-12-2016, 16:48
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with bullish bias above 142.75. The pair is posting a pullback but stays above its horizontal support at 142.75. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 142.75 is not broken below, further bounce is expected with 143.90 as the next target.

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 143.90 and the second one at 144.20. In the alternative scenario, short positions are recommended with the first target at 142.50 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 142.25.

The pivot point lies at 142.75.
Resistance levels: 143.90, 144.20, 145.15
Support levels: 142.50,142.25, 141.60




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  #19  
Old 10-02-2017, 13:48
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to move further upside. The pair has continued its rebound since the low, which was hit on February 7, and is likely to continue its upleg. The 20-period moving average is currently playing a key support role, while the 50-period moving average is also rising and confirming a bullish bias. Meanwhile, the relative strength index is above its neutrality area at 50 and is positively oriented. As long as the level of 141.30 is not broken down, further bounce is preferred with 142.60 and 143.10 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 142.60 and the second one at 143.10. In the alternative scenario, short positions are recommended with the first target at 140.50, 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 139.90. The pivot point is at 141.30.




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  #20  
Old 23-02-2017, 07:25
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Default Re: Daily technical analysis of GBP/JPY By INSTAFOREX

GBP/JPY is expected to trade with a bearish outlook as the key resistance is seen at 141.40. The pair is rebounding, having broken above the 20-period moving average. Nevertheless, the declining 50-period moving average is playing a resistance role. Additionally, 141.40 is playing a key resistance role, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.

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 140.00. A break below this target will move the pair further downwards to 139.60. The pivot point stands at 141.40. 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 142.05 and the second one at 142.40.
Resistance levels: 142.05, 142.40, and 143.00
Support levels: 140.00,139.60, and 139.00




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