GBP/JPY is expected to trade with a bearish bias below 148.90. The pair is heading downward now, backed by its declining 20-period and 50-period moving averages. The process of higher highs and lows remains intact, which should confirm a bearish view. In addition, the relative strength index is below its neutrality area at 50.
To sum up, as long as 148.90 is not broken, look for a new decline to 147.80 and 148.90 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.90 with the target at 149.20.
Strategy: SELL, Stop Loss: 148.90, Take Profit: 147.80
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: 149.20, 149.45, and 150.00
Support levels: 147.80, 147.60, and 147.00
The material has been provided by InstaForex Company - www.instaforex.com
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