Our both targets which we predicted in Yesterday's analysis has been hit. GBP/JPY is expected to trade with bullish outlook above 150.80. The pair is striking against the upper Bollinger band while being supported by both the 20-period and 50-period moving averages. The relative strength index is well placed above the neutrality level of 50, showing a lack of downward momentum for the pair. As intraday bullishness persists, the pair is expected to proceed toward the first upside target at 151.85. Above that, the level of 152.30 would come into sight.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.80 with the target at 150.40.
Strategy: BUY, Stop Loss: 150.80, Take Profit: 151.85
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: 151.85, 152.30 and 152.90
Support levels: 150.40, 150.00, and 149.55
The material has been provided by InstaForex Company - www.instaforex.com