GBP/JPY is under pressure. The pair is proceeding toward the nearest support at 149.90 while being capped by the descending 20-period moving average. Intraday bearishness is also maintained by the negatively-sloped 50-period moving average. The relative strength index is yet to recover the neutrality level of 50, showing a lack of upward momentum for the pair. A break below 148.20 would trigger a further decline toward 147.80.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 149.90 with the target at 150.65.
Strategy: SELL, Stop Loss: 149.90, Take Profit: 148.20
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: 150.65, 151.40 and 152.05
Support levels: 148.20, 147.80, and 147.00
The material has been provided by InstaForex Company - www.instaforex.com