Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

GBP/JPY settled above 142.50 after forming two consecutive tops earlier, the first of which was formed slightly higher than the second. It rendered us less able to bet on a bullish trend, especially as Linear Regression Indicators hinder the pair from the upside creating resistances. Therefore, we prefer to stay aside today.

The trading range expected today is between the key support at 141.10 and the key resistance at 145.80

The short-term trend is downside targeting 133.60 if 147.80 remains intact

Support: 142.85, 142.50, 142.00, 141.80, 141.10
Resistance: 143.15, 143.60, 144.25, 144.65, 145.00

Recommendation Based on the above graph and explanation, we recommend neutrality due to inconvenient Risk/Reward Ratio.