GBP/JPY is expected to trade with Bullish bias above 149.85. Despite the recent pullback from 149.85, the pair is still trading above the key support at 132.45, which should maintain the buying interest. The relative strength index lacks downward momentum.
To conclude, as long as 149.85 holds on the downside, look for a rebound to 151.05. A break above this level would trigger another rise to 151.50.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.85 with the target at 149.40
Strategy: BUY, Stop Loss: 149.85, Take Profit: 151.05
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 151.05, 151.50, and 152.10
Support levels: 149.40, 149.00, and 148.50
The material has been provided by InstaForex Company – www.instaforex.com