GBPJPY intraday technical analysis - 18/10/2017

GBPJPY

1.31791 / 1.31798

SUMMARY

Up

TREND

Upward penetration

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

MARKET ANALYSIS

Upwards scenario: Medium-term bias remains positive, however possible upside formation is limited now to the next resistive barrier at 148.47 (R1). Clearance here is required to provide a space for a move towards to next target at 148.85 (R2) and then final aim could be found at 149.25 (R3).
Downwards scenario: On the other side, a dip below the initial support level at 148.05 (S1) is liable to trigger bearish pressure and drive market price towards to supportive means at 147.65 (S2) and 147.29 (S3) in potential.

Resistance levels: 148.47 , 148.85 , 149.25

Support levels: 148.05 , 147.65 , 147.29