GBP/JPY is expected to trade with a bullish outlook. The pair managed to break above its key horizontal level at 148.30, which now acts as a support role. Despite the recent consolidation, the prices are still bullish, backed by the rising 50-period moving average. Last but not least, the process of higher highs and lows remains intact. To conclude, as long as 148.30 holds on the downside, expect a new rise to 149.45 and 150.10 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: 149.45,150.10, and 150.175
Support levels: 148, 147.70, and 147.00
