Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

The pair dropped consolidating below Linear Regression Indicators. Stochastic displays positive crossover backing stability above 144.30 and above the ascending channel's key support. We maintain our overall positive forecasts however, in the meantime, we do not exclude downside pressure due to stability above LRIs.

The trading range expected for today is between the key support at 143.00 and the key resistance 148.25.

The short-term trend is downside targeting 112.00 as far as 150.00 remains intact.

Support: 145.00, 144.65, 144.15, 143.80, 143.00
Resistance: 145.60, 145.95, 146.50, 147.05, 147.95

Recommendation Based on the graph and explanation above, we believe buying the pair above 144.65 targeting 145.60, 146.50 and 147.05 and stop-loss with four-hour closing below 143.80 is optimal for today