Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

GBP/JPY suffers from a technical contradiction as it now trades below Linear Regression Indicator yet, within the ascending channel. Stochastic is biased to the downside in attempt to break the 50-point line and in contrast, the Relative Strength Index is bias to the upside above the 50-points line. In order to confirm a specific direction, the pair must break 142.50 or breach 144.15 and until one those events occur, we'd rather stay neutral.

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: 143.15, 142.85, 142.50, 142.00, 141.80
Resistance: 143.60, 144.15, 144.65, 145.00, 145.80

Recommendation Based on the above graph and explanation, we recommend neutrality searching for signs of a specific direction