GBP/JPY is under pressure. Although the pair posted a rebound, it is still capped by a key resistance at 150.20. The relative strength index is mixed with a bearish bias.
Hence, as long as 150.20 is not surpassed, look for a return to 148.65. A break below this level would trigger a new decline with the target at 147.80.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended to be above 150.20 with the target at 150.90.
Strategy: SELL, Stop loss at 150.20, Take profit at 148.65
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: 150.90, 152.10, and 153.00
Support levels: 148.65, 147.80, and 147.00.
The material has been provided by InstaForex Company - www.instaforex.com