GBP/JPY is under pressure and expected to continue the downside movement. The upward potential is likely to be limited by the resistance at 151.70. The declining 50-period moving average is playing a resistance role. The relative strength index is below its neutrality level at 50. Therefore, below 151.70, look for another decline with targets at 150.65 and 150.00 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: 152.00, 152.60, and 153.15
Support levels: 150.65, 150.00, and 149.50.
The material has been provided by InstaForex Company - www.instaforex.com
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