GBP/JPY is expected to trade with bullish outlook. The pair is rebounding and is holding above its rising 20-peirod and 50-peirod moving averages, which are playing support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.
In addition, 141.70 is playing a key support role, which should limit the downside potential. As long as 141.70 is not broken, look for a further advance towards 142.80 and even 143.55 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended above 141.70 with the target at 141.20.
Strategy: BUY, Stop Loss: 141.70, Take Profit: 142.80.
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the 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.
Resistance levels: 142.80, 143.35, and 144.35
Support levels: 141.20, 140.50, and 140.00.
The material has been provided by InstaForex Company - www.instaforex.com
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