GBP/JPY is expected to prevail its downside movement. The pair was capped by a negative trend line and remains on the downside. Meanwhile the relative strength index stays below 50 and lacks upward momentum. As long as 155.90 is not broken above, target 152.55 as the next support.
Trading Recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 152.55. A break of this target will move the pair further downwards to 151.35. The pivot point stands at 155.90. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 157.25 and the second one at 158.75.
Resistance levels: 157.25, 158.75, 159.50
Support levels:152.55, 151.35, 150.75
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