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GBP/JPY Daily Technical Analysis | 9 February 2018

2018-02-09 01:31 am | Resource: Technical Analysis | No Views : 311

Time frame Used - four hours
The GBP / JPY is moving in a sideway in the  near-term
The purchasing power managed to control the GBP / JPY to bounce back from 151.15 to 154.06 and then started to fall down by selling pressure to reach 150.86 but we notice weakness in the strength of the seller
And looking at the technical indicators
The RSI indicates a positive divergence between the index and prices
The Stochastic indicator will reach indicators near the oversold area
Therefore, we expect the GBP / JPY to rebound in a corrective move to test the 153.10 level, which breached above will target the 154.06 level
 The alternative scenario is to break the GBP / JPY level 151.15 to target the 149.20 level
 Resistance: 153.10 - 154.06 - 155.88
Support: 151.98 - 151.15 - 150.20
 Direction: sideway

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