GBP/JPY is expected to trade with a bullish outlook. The pair is trading above both uprising 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index lacks downward momentum.
To sum up, as long as 146.90 is support, look for a return to 148. A break above this level would call for a target at 0.8 (the low of March 5).
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 146.90 with the target at 148.00.
Strategy: BUY, Stop loss at 146.90, Take profit at 148.00
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: 148.00, 148.60, and 149.10
Support levels: 146.45, 145.75, and 145.00