GBPJPY intraday technical analysis - 20/04/2018

GBPJPY

1.40606 / 1.40614

SUMMARY

Down

TREND

Downward penetration

MA10

Bearish

MA20

Bearish

STOCHASTIC

Neutral

MARKET ANALYSIS

Upwards scenario: GBPJPY determined negative tone today with the price decrease below the yesterday low. However, penetration above the resistive measure at 151.55 (R1) might commence correction phase towards to the next resistive means at 151.98 (R2) and 152.44 (R3).
Downwards scenario: On the downside, bearish pressure might push to test initial support level at 150.94 (S1). Loss here would suggest interim target at 150.55 (S2) and then potential losses would be limited to final support at 150.15 (S3).

Resistance levels: 151.55 , 151.98 , 152.44

Support levels: 150.94 , 150.55 , 150.15