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FX.co ★ Technical analysis of GBP/JPY for February 08, 2016

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Forex Analysis:::2016-02-08T09:33:51

Technical analysis of GBP/JPY for February 08, 2016

Technical analysis of GBP/JPY for February 08, 2016

GBP/JPY is under pressure now and is expected to trade in a lower range. The pair stays below its key resistance at 170.60 and remains on the downside. The 20-period moving average stays below the 50-period one, and the relative strength index is negatively oriented. The first target to the downside is set at the horizontal support and overlap at 168.95. A breakout below this level would open the way to further weakness toward 168.10.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 168.95. A break of that target will move the pair further downwards to 168.10. The pivot point stands at 170.60. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 171.25 and the second target at 172.

Resistance levels: 171.25, 172, 172.50

Support levels: 168.95, 168.10, 167.35

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