GBP/JPY is expected to trade with a bearish outlook. The pair is trading below its declining 20-period and 50-peirod moving averages, which play resistance role and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. To conclude, as long as 153.85 holds on the upside, look for a new test with targets at 153 and 152.60 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 154.25, 154.75, and 155.35
Support levels: 153.00, 152.60, and 152.00.
The material has been provided by InstaForex Company - www.instaforex.com
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