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GBP/JPY Daily Technical Analysis | 8 February 2018

2018-02-08 12:51 am | Resource: Technical Analysis | No Views : 336

 
Time frame Used - four hours
The GBP / JPY is moving in a sideway in the near-term
GBP/JPY CHART
The purchasing power managed to control the GBP / JPY to bounce back from level of  151.15 to 153.10 level  and then started to decline down under selling pressure to reach 151.15 again forming a technical pattern (double  bottom)
And looking at the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators near the oversold area
Accordingly, we expect the GBP / JPY to rebound in a corrective move to test the 153.10 level, which breached above will target the level of 154.49
 The alternative scenario is to break the GBP / JPY level of  151.15 to target 149.20 level
 Resistance: 153.10 - 154.49 - 155.88
Support: 151.98 - 151.15 - 150.20
 Direction: sideway

Technical Analysis

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