From the technical point of view on GBP/JPY, the 30 minutes relative strength index is around its neutrality area and crossed above its signal line. The pair has been drawing to a support area at 151.50.
As a consequence, as long as 151.50 holds as support, a rebound towards 152.90 and at 153.40 is expected.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.50 with the target at 151.15.
Strategy: BUY, Stop Loss: 151.50, Take Profit: 152.90
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: 152.90, 153.40 and 154.00
Support levels: 151.15, 150.60, and 150.00
The material has been provided by InstaForex Company - www.instaforex.com
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