GBP/JPY is expected to trade with bullish bias as the pair is trading on the upside. The pair accelerated on the upside last Friday following the bullish penetration of its previous rising channel. The relative strength index is displaying strong bullish momentum and advocates further advance. The rising 20-period and 50-period moving averages act as strong support roles.
In these perspectives, as long as 140.40 is not broken, likely advance to 141.20 and 141.50 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.40 with the target at 141.20.
Strategy: BUY, Sto p Loss: 140.40, Take Profit: 141.20.
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: 141.20, 141.50, and 142.00
Support levels: 140.10, 139.80, and 139.10
The material has been provided by InstaForex Company - www.instaforex.com
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