GBP/JPY is expected to trade with a bearish outlook. The pair is under pressure below the key resistance at 145.90 . The relative strength index is below its neutrality level at 50 and lacks upward momentum.
Therefore, as long as 145.90 is not surpassed, look for a return to 144.85 A break below this level would trigger a new decline to 144.15.
Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 146.50 with the target at 147.00.
Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. 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.
Strategy: SELL, Stop Loss: 145.90, Take Profit: 144.85.
Resistance levels: 146.50, 147.00, and 147.90
Support levels: 144.85, 144.15, and 143.15
The material has been provided by InstaForex Company – www.instaforex.com