Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

GBP/JPY rose higher benefiting of its position above 144.10, where stability is considered impetus to more gains. The bullish channel is likely to last and Linear Regression Indicators are in position of supporting an uptrend. However, overbought signals reflected by Stochastic threaten of a slight downside correction therefore, trading above 143.15 will be viewed as positive.

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: 144.65, 144.25, 143.60, 143.15, 142.85
Resistance: 145.00, 145.80, 146.00, 146.50, 146.85

Recommendation Based on the above graph and explanation, we recommend buying the pair above 144.15 targeting 144.65, 145.00 and 145.80 and stop-loss with four-hour closing below 143.15.