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GBP/JPY Daily Technical Analysis | 1 February 2018

2018-02-01 12:46 am | Resource: Technical Analysis | No Views : 297

Time frame Used - four hours
The GBP / JPY is moving in a sideway in the near-term
The selling force managed to control the GBP / JPY move to 152.79 as we  mentioned in the previous report to bounce back to the highest level to reach the level of 155.38 and we note that there is selling pressure around this level
And looking at  the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators into the overbought area
Accordingly, we expect the GBP / JPY to retrace the corrective downward movement to test the 154.49 level
 The alternative scenario is to breach the GBP / JPY level of 155.38 higher to target 156.05
Resistance: 155.38 - 156.05 - 157.00
Support: 154.49 - 153.56 - 151.98
 Direction: sideway

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