Source: Forex Analysis
GBP/JPY is expected to trade with a bullish bias above 150.85. Although the pair posted a pullback, a support base at 150.85 has formed and has allowed for a temporary stabilization. The relative strength index is mixed.
Therefore, as long as 150.85 is not broken, we are cautious with up targets at 152.10 and 152.60 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.85 with the target at 150.45
Strategy: BUY, stop loss at 150.85, take profit at 152.10
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 point, 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: 152.10, 152.60, and 153.00.
Support levels: 150.45, 150.15, and 149.60
The material has been provided by InstaForex Company – www.instaforex.com