All our targets which we predicted in the previous analysis were hit. GBP/JPY is expected to trade with bullish outlook. The pair bounced off its key horizontal support at 152.55, and it is expected to challenge the next resistance at 154.00. The 50-period moving average is heading upward, and it should continue to push the prices higher. In addition, the relative strength index is above its neutrality area at 50.
Hence, as long as 152.55 holds on the downside, it is likely to advance to 152.55 and 154.50 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a LONG position is recommended to be above 154.40 with the target at 155.
Strategy: BUY, Stop loss at 152.55, Take profit at 154.00
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: 154.00, 154.50, and 155.00.
Support levels: 152.00, 151.40, and 151.00.
