GBP/JPY is expected to continue its upside movement . The pair is trading above its 20-day and 50-day moving averages and is likely to hold its upside movement. Relative strength index is showing strong upside movement, being above its oversold range. As long as price remains above 149.40, look for further upside towards 150.30 as the first target and 150.75 as the second target.
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: 150.30, 150.75, and 151.50.
Support levels: 148.90, 148.35, and 148.
