All our Downside targets which we predicted in yesterday's analysis have been hit. GBP/JPY is expected to trade with a bearish outlook. The pair retreated from 153.85 and broke below both 20-period and 50-period moving averages. In addition, death cross between 20-period and 50-period moving averages has been identified. The relative strength is mixed with a bearish bias. Hence, as long as 153.10 holds on the upside, look for a drop with targets at 151.75 and 151.15 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: 153.75, 154.25, and 154.75
Support levels: 151.75, 151.15, and 150.80.
