Technical analysis of GBP/JPY for November 24, 2016

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GBP/JPY is expected to trade with bullish bias and is expected to prevail its upside movement. The pair posted a strong rebound last night from its key support level at 138.70. The upside room has been opened toward 119.80. Besides, the relative strength index is bullish above its neutrality area at 50. The process of higher highs and lows remains intact, which should also confirm a positive outlook.

Hence, as long as 138.70 is not broken, likely advance to 141.00 and 142.40 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 141.00 and the second one at 142.40. In the alternative scenario, short positions are recommended with the first target at 137.25, if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 136.25. The pivot point lies at 138.70.

Resistance levels: 141.00, 142.40, 143.20

Support levels: 137.25, 136.25, 135.45

The material has been provided by InstaForex Company – www.instaforex.com

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