GBP/JPY is expected to trade with bullish outlook above 148.95. The pair posted a rebound from 148.95. The 20-period moving average has crossed above the 50-period one, indicating a positive signal. The relative strength index calls for a bounce.
Therefore, as long as 148.95 holds on the upside, look for a new advance with targets at 150.40 and 150.90 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 148.95 with the target at 148.95.
Strategy: BUY, Stop Loss: 148.95, Take Profit: 1150.40
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: 150.40, 150.90 and 151.45
Support levels: 148.60, 147.90, and 147.35