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GBP/JPY Daily Technical Analysis | 6 February 2018

2018-02-06 05:06 am | Resource: Technical Analysis | No Views : 300

Time frame Used - four hours
The GBP / JPY is moving in a bearish direction in the near term
The selling force was able to control the GBP / JPY move back down to 151.19
And looking at  the technical indicators
Both the RSI and the Stochastic indicate that indicators are still reaching the oversold area
Therefore, we expect the GBP / JPY to retrace the corrective move to test the 152.55 level
  The alternative scenario is the GBP / JPY retreating to 150.20
  Resistance: 151.98 - 153.56 - 154.49
Support: 151.15 - 150.20 - 149.36
  Direction: Down

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