GBP/JPY is expected to trade with a bullish outlook and continue its rebound. Despite the pair posting a pullback from 149.05, a support base at 148.20 has formed and has allowed for a temporary stabilization. The relative strength index is turning up and is entering the neutrality level at 50, calling for a bounce. To conclude, as long as 148.20 holds on the downside, look for a rebound to 149.05. A break above this level would trigger a new challenge to 149.60.
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: 149.05,149.60, and 150.20
Support levels: 147.90, 147.40, and 147.85
