Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

Dow futures bearishness remained limited in areas around 15480.00 yesterday, and now we can see how futures are still trading above the main ascending support shown on hourly graph. Trading above 15420.00 is considered positive and for today stability above 15480.00 is another upside support. Linear Regression Indicators however are biased negatively and accordingly Dow futures have to confirm a breakout above 15575.00 to confirm the extension of the bullish wave.

Support: 15500.00, 15480.00, 15420.00, 15385.00, 15355.00
Resistance: 15575.00, 15600.00, 15630.00, 15660.00, 15685.00

Recommendation Based on the above, buy Dow futures above 15500.000 targeting 15575.00, 15600.00 then 15685.00 and stop-loss at four-hour closing below 15420.00