GBP/JPY analysis for August 09, 2018

Recently, the GBP/JPY has been trading downwards. The price tested the level of 142.32. According to the M15 time – frame and using the fx correlator (strength indicator), I found the GBP is the strongest intraday currency and that JPY is one of the weakest currencies. I also found a rejection of the pivot support 1 at the price of 142.34 and fake breakout of yesterday’s low at the price of 142.70, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upward targets are set at the price of143.85, 144.20 and at the price of 144.80.

Resistance levels:

R1: 143.89

R2: 144.80

R3: 145.44

Support levels:

S1: 142.34

S2: 141.75

S3: 140.79

Trading recommendations for today: watch for potential buying opportunities.

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