GBP/JPY is expected to trade with a bullish outlook. The pair stands firmly above its key level at 151.25, representing a horizontal overlap support. The relative strength index is turning up, and calls for a new rise. Last but not least, the rising 50-period moving average indicates that the prices may still have upside potential to go. Hence, as long as 151.25 holds on the downside, look for a new rise to 152.25 and 152.60 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 152.25, 152.60, and 153.15.
Support levels: 150.90, 150.60, and 150.
The material has been provided by InstaForex Company - www.instaforex.com